- Ethereum is rapidly approaching the crucial $600 level that has long been a pivotal point for its various trends
- This level has held strong on multiple occasions as resistance, which would make any break above it technically significant
- One trader is now noting that a serious move higher could be imminent for Eth in the near-term
- He points to a macro accumulation range that Ethereum is just starting to exit, noting that it was within this range for a longer period of time than BTC was in its range
- If it posts a firm break above this range – as Bitcoin recently did – it could mean that a massive upside movement is imminent in the near-term
Ethereum has been flashing signs of immense strength as Bitcoin rallies higher. BTC’s push past $19,000 has allowed ETH to climb up towards $600, which has been pivotal for its price action.
Periods of trading above this level have, so far, been relatively short-lived, with bears ardently trying to stop it from posting any long-term break above this price.
That said, Ethereum is now nearing the end of a long-held accumulation range that it has been caught within since 2019, which is strikingly similar to a range that Bitcoin recently broke out of before it saw a parabolic rally.
As such, one analyst believes that Ethereum could be on the cusp of seeing a massive parabolic rise.
Ethereum Rallies Towards $600 as Bulls Roar
The market is back to being in bulls’ control, with the recent selloff being incredibly fleeting as buyers aim to push BTC to fresh all-time highs.
At the time of writing, Ethereum is trading up over 4% at its current price of $592. This marks a notable rise from its recent lows of $528 set at the bottom of the recent selloff.
ETH is About to Exit a Multi-Year Accumulation Range
One trader explained in a recent tweet that Ethereum is about to exit a multi-year trading range similar to the one seen by Bitcoin before its recent parabolic rise.
“ETH: Anatomy of a BULLISH chart. P.S. Ethereum accumulation range was bigger than the Bitcoin one,” he said while showing the comparison of the two charts.
Image Courtesy of il Capo of Crypto. Source: ETHUSD on TradingView.
If history rhymes, then Ethereum could be on the cusp of seeing a massive push higher that potentially leads it back up towards its all-time highs.
Featured image from Unsplash. Charts from TradingView.