Ethereum price ongoing consolidation phase is likely to result in a sharp upwards to $440 movement
Ethereum price has been hovering around the $ 390 zone for the past few days and weeks, struggling to get past $ 400 as heavy selling pressure has been built up at this price level. The cryptocurrencies have formed an extremely close correlation with Bitcoin, currently trading in the upper $ 11,000 region.
Analysts note that ETH’s ongoing consolidation phase is likely to result in a sharp upside move, with a trader aiming to rise to $ 440 in the short term. This potential uptrend is expected to emerge only if BTC can break the resistance level it faces at $ 12,000.
Ethereum price technical outlook is strengthened as the Bulls defend the primary support
At press time, Ethereum is trading just below 2% at its current price of $ 397. This is where cryptocurrencies have been traded throughout the past week. Last Saturday, ETH rallied as high as $ 415 before losing strength and plunging to as low as $ 300 on several major exchange platforms. It quickly recovered most of these losses.
Since this point, it has been stuck in the consolidation phase. Crypto bulls slowly buy each discount. Analysts are currently noting that Ethereum remains in the bullish territory as long as it continues to trade above 0.031 BTC – slightly lower than its current price of 0.0334 BTC.
This level established as strong support in the sharp drop seen last week.
— Teddy (@TeddyCleps) August 8, 2020
While talking about the cryptocurrency’s short-term outlook, trader Cactus noted that he believes Ethereum is well-positioned to see a move towards $ 440. He points to the extended timeframe. A close above the $ 370 support is positive signs for its short-term outlook.
$ETH / USD
Price action still looking strong HTF right now, no issues to panic as long as we continue to close above $370 on both daily and weekly timeframes, accumulation now…
Still think after this breather, we continue higher to $440. pic.twitter.com/l8N3Nh3Rb3
— Cactus (@TheCryptoCactus) August 8, 2020
How Ethereum’s trend over the next few hours – right after the closing of the weekly candle – will provide some insight into its medium-term outlook.
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