The price action of Ethereum (ETH) is closely related to Bitcoin (BTC), which caused the biggest altcoin to see a consolidation wave.
Breaking the $ 380 critical resistance the other day, ETH managed to show an incredibly strong move. This level had become a very important level for Ethereum over the past few months. This is why this level and a break above this level have serious technical importance.
However, ETH also seems quite difficult to stabilize above this level. Because, with the current level becoming support, a potential jump in ETH seems quite likely.
After this level, the next critical level to break is $ 400. Because the $ 400 level has also been a strong resistance for a long time. During the day, we can say that ETH continued its horizontal trade. For ETH, which is the second largest cryptocurrency in terms of market value, exceeding its current level is a significant resistance level, so it is important for ETH to consolidate at this level and continue its horizontal trade.
With this level remaining strong, the bulls will soon carry ETH to $ 400. A popular analyst claims that there is a break above this level and that ETH will see much more appreciation in the coming days.
Ethereum (ETH) is trading at $ 383 as of writing.
Due to the upcoming US presidential elections and the coronavirus epidemic, there is still uncertainty in all markets. Despite this uncertainty, it seems quite likely that ETH, which exceeds significant resistance levels, will perform much better in the coming days.