Ethereum pushes against key resistance as chart shows signs of ‘strong offer’

• Ethereum has largely followed Bitcoin’s price movement lately, but its swings have been much more moderate as it remains in the $ 1,300 region.
• The cryptocurrency has shown signs of strength, with the bulls eagerly absorbing all of the intense selling pressure they have been facing in recent times.
• This indicates that there are a significant number of investors interested in getting exposure to ETH, giving you a solid offer during all the dips.
• Where its trend will depend to some extent on Bitcoin, no doubt, but it is currently pushing against a key resistance level that may soon be broken.
• An analyst compares the current price action to that seen in November, which means that a massive surge could be imminent.

Ethereum has consolidated over the past few days and weeks with both buyers and sellers stalled as it largely trades in the $ 1,300 region.

For now, $ 1380 is the key resistance level to watch as sellers are fiercely trying to protect against a breakout above that level.

However, once it breaks down, ETH could see a massive rally leading to new all-time highs, which is a possibility an analyst is watching closely.

Ethereum consolidates as bulls gain strength

At the time of writing, Ethereum is trading lower from its recent highs of just over $ 1,400 set yesterday afternoon.

Crypto is now in a consolidation phase which has done little to provide information on its medium term trend.

Bitcoin and its continued reaction to resistance found in the mid-$ 30,000 region should provide insight into major altcoins like Ethereum.

ETH shows signs of strength despite consolidation

A trader explained in a recent tweet that Ethereum This could prepare for a bigger push similar to the one the crypto saw in November before it exploded into the $ 1000 + region.

He also notes that buying activity at every trough indicates that ETH’s supply is quite strong.

“Notably, $ ETH spent most of the month hovering around 1300. Very similar to its behavior in November, when the price climbed right after at the start of the month and never looked back. THE OFFER is STRONG “.

Image Courtesy of Mohit Sorout. Source: ETHUSD on TradingView.

As long as Bitcoin remains stable, there is a good chance that Ethereum will see a big upward movement soon.

Featured image from Unsplash.
Charts from TradingView.