Ethereum has seen lackluster price action in the past few days as Bitcoin leads the crypto market into a consolidation phase.
ETH will likely continue to move sideways until BTC finds a clear direction
The critical level for ETH seems to be around $ 600 right now, as the selling pressure here has proven to be significant in the past.
Any break above this level was short-lived and followed by strong rejection.
It is therefore imperative that Ethereum make a swift and decisive breakthrough above this level in the coming days.
A trader believes a rebound is imminent as he is now looking at $ 780 as a short term upturn target.
Ethereum and the entire cryptocurrency market have been hit by an intense consolidation surge in the past few days.
It did so amid Bitcoin’s efforts to hit new all-time highs – despite the fact that the asset has been hovering just below it for a good week.
ETH’s price action was strikingly similar to Bitcoin’s, but what happens in the near future will largely depend on the reaction to the $ 600 mark.
One trader believes that a break above this level could be imminent – followed by a parabolic rise that will take Crypto Engine towards $ 800.
Ethereum is struggling for momentum amid consolidation
Ethereum is currently listed (buy now? Click here for instructions) at a price of $ 597. For the past few days, ETH has stayed below $ 600, with any break above that level being temporary.
This price action did little to provide investors with insight into Ethereum’s medium-term outlook. And until Bitcoin can hit new all-time highs above $ 19,800, there is a good chance the entire market will remain relatively calm.
Trader sees ETH move towards $ 800
A trader wrote in a tweet that a move towards $ 800 is possible in the near future: over $ 700 and specifically even $ 780.
He suggests that $ 620, which has not yet been broken firmly, is the key level that could trigger this move higher.
“Another good week that ETH is close to the upward trend. The $ 620 is still the area above which price has to break to the upside if ETH can break that level – it can really fly. With next goals over $ 700 and $ 780 a week. “
In the medium term, the entire market development depends on Bitcoin, although this bullish Ethereum rally will probably only come into play when BTC sets new highs.