Ethereum has been closely tracking Bitcoin and the aggregated market over the past several days, which has led ETH to experience some intense volatility as it ranges between lows of $250 and highs of $285.<\/p>\n
In spite of Bitcoins overt bearishness at the moment, it is important to note that Ethereum has been forming a highly bullish market structure that could lead it significantly higher in the near-term.<\/p>\n
One top trader is noting that this market structure could lead the cryptocurrency to $400 in the near-term, which would mark a significant climb from its current 2020 highs of $290 that were set at the peak of its recent parabolic rally.<\/p>\n
At the time of writing, Ethereum is trading up marginally at its current price of $271, which only marks a slight decline from daily highs, but a notable climb from lows of $265 that were set yesterday.<\/p>\n
ETHs price action seen in the time following last Wednesdays intense selloff can largely be characterized as a slow upwards grind, as it has been unable to incur any type of parabolic price action.<\/p>\n
George, a prominent cryptocurrency trader on Twitter, recently explained that bulls ability to defend the crypto from dropping beneath the upper-$260 region is a bullish sign that suggests it will soon move towards $280.<\/p>\n
ETH: Yup, nice little pump. Break above mid-range and expecting 4h range high. Clean smash above that and we should go for new highs. Lets see, he explained while pointing to the chart seen below.<\/p>\n
Ethereums rally may not end at $280, however, as this may be the event that allows the crypto to kick off its next parabolic uptrend.<\/p>\n
George also spoke about this in a tweet, pointing to a chart showing that the cryptos next main resistance level exists at roughly $370, with a move above this level opening the gates for a swift rally past $400.<\/p>\n
ETH: Road to $400, he explained.<\/p>\n
In order for Ethereum to continue pushing higher, it is imperative that bulls continue defending it from dropping below the upper-$260 level.<\/p>\n
Although ETH does remain correlated with Bitcoin, its market structure is arguable more bullish than that of BTC, which may be enough to help the cryptocurrency gain some independent momentum.<\/p>\n
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Analyst: Ethereums Path to $400 is Clear Once it Breaks This Single Level - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum has been closely tracking Bitcoin and the aggregated market over the past several days, which has led ETH to experience some intense volatility as it ranges between lows of $250 and highs of $285. In spite of Bitcoins overt bearishness at the moment, it is important to note that Ethereum has been forming a highly bullish market structure that could lead it significantly higher in the near-term. One top trader is noting that this market structure could lead the cryptocurrency to $400 in the near-term, which would mark a significant climb from its current 2020 highs of $290 that were set at the peak of its recent parabolic rally Continue reading