- Ethereum and the entire crypto market are consolidating today after some recent turbulence
- Bulls stepped up after the entire market saw a massive sell-off yesterday absorbing sales pressure inflows, allowing BTC to skyrocket past USD 40,000 and ETH
- Today the market is consolidated and has fallen slightly lower although bulls still look poised to move further up
- A trader now notes that Ethereum could be well positioned to see upside in the near term, adding that the outlook is getting strong by the day.
- He specifically notes that a $ 2,000 move to the region could be imminent in the coming days and weeks
Ethereum has struggled to gain immense momentum as it navigated towards the mid $ 1,200 region, with selling pressure here proving to be significant.
Any move towards $ 1,300 has resulted in rejections, and the price is moving closely with Bitcoin’s.
An analyst believes that the crypto is about to make a serious push higher. He notes that ETH’s macro outlook is incredibly optimistic, with its initial price targets in the lower- $ 2,000 region.
Ethereum Faces increased selling pressure due to USD 1,300 resistance
At the time of writing, Ethereum is trading just under 4% at the current price of $ 1,185. This marks a notable decline from the recent highs of $ 1,300 seen earlier this morning as the bulls moved up and the price skyrocketed.
Where medium term market trends should largely depend on Bitcoin and whether the benchmark crypto can gain a strong position above $ 40,000.
Bulls are struggling to regain this level at this point, which is hindering Ethereum’s price action.
Trader: ETH is likely to surpass $ 2,000
A trader explained that in a recent tweet Ethereum’s macro outlook is getting strong by the day.
He specifically notes that a move of more than $ 2,000 is likely to occur in the medium term and that he wouldn’t be surprised if it went much higher.
“ETH on a macro timeframe is mega bull bull bull imo. Monster extended w3 is probably on its way, with every leg up again. I have no doubt it is always high this year, probably much earlier than I showed. “
Image Courtesy of @SmartContracter. Source: ETHUSD on TradingView.
The coming days should provide insight into Ethereum’s medium term outlook. For now, it shows some subtle signs of weakness as the entire market moves down inches.
Featured image from Unsplash. Charts from TradingView.