- Ethereum has seen some lackluster price action throughout the past few days, which comes as Bitcoin leads the crypto market into a consolidation phase
- The crypto will likely continue seeing some sideways trading until BTC finds some clear directionality
- The pivotal level for ETH at the moment appears to be $600, as the selling pressure here has proven to be significant in the past
- Each break above this level has been short-lived and followed by strong rejections
- As such, it is imperative that Ethereum posts a swift and decisive break above this level in the coming days
- One trader does believe upside is imminent, as he is now looking towards $780 as a near-term upside target
Ethereum and the entire cryptocurrency market has been caught within the throes of an intense bout of consolidation throughout the past few days.
This has come in the midst of Bitcoin struggling to set fresh all-time highs, despite hovering just below them for well over a week now.
ETH’s price action has been strikingly similar to that of Bitcoin, but where it trends in the near-term may continue depending largely on its reaction to $600.
One trader believes that a break above this level could be imminent, followed by a parabolic leg higher that leads it towards $780.
Ethereum Struggles to Gain Momentum as Consolidation Phase Persists
At the time of writing, Ethereum is trading down just over 1% at its current price of $597. It has been stuck below $600 for the past few days, with each break above this level being fleeting.
This price action has done little to offer investors insights into its mid-term outlook, as its macro trend likely resists in the hands of Bitcoin.
Until Bitcoin can set fresh all-time highs above $19,800, there’s a strong possibility that the entire market will remain relatively calm.
Trader Targets ETH Move to $780 Once This Key Level is Shattered
One trader explained in a recent tweet that a move past $700 and even $780 could come about in the near-term.
He notes that $620 – which has yet to be firmly broken above – is the key level that could trigger this move higher.
“Another good weekly close to the upside for ETH. $620s is still the area that price needs to break above, if ETH can break this level – it can really fly. With next targets above $700 and at $780s on the weekly.”
Image Courtesy of Josh Rager. Source: ETHUSD on TradingView.
Where the entire market trends in the mid-term will depend on Bitcoin, with this bullish Ethereum rally likely only coming to fruition if BTC sets fresh highs.
Featured image from Unsplash. Charts from TradingView.