Ethereum’s Market Structure Suggests Move to $3,600 Could be Brewing

Ethereum’s Market Structure Suggests Move to $3,600 Could be Brewing

  • Ethereum is seeing some technical weakness today despite the strength seen by Bitcoin
  • Some bearish events within the DeFi sector may be contributing to this, including a massive smart contract exploit that cost investors millions
  • This has caused it to see some notable underperformance of Bitcoin throughout the past 24 hours
  • Despite this short-term technical weakness, one analyst is still noting that the bull case is growing stronger each day
  • He notes that a move to $3,600 could come about in the next year or so, which would mark a roughly 400% rise from its all-time highs that were set in the first week of 2018

2021 could be a great year for Ethereum – according to one analyst who is expressing a hyper-bullish outlook on the crypto.
It is important to note that 0 is the key level that must be shattered in the near-term. Each tap of this level has sparked a flurry of selling pressure that sends ETH reeling lower.
One analyst is noting that Ethereum’s technical outlook remains highly bullish despite this short-term setback.
“ETH HTF Analysis: My original opinion that Ethereum was heading to 00 could have been a little conservative thinking back. 00 > 00 > 00 price discovery resistance levels. Excited to see that 2021 brings in terms of PA.”
He contends that a move towards ,600 is in the cards.

Ethereum Struggles to Gain Ground Against Bitcoin 

Ethereum is struggling to gain any momentum as its price drifts down towards its support around 0.
Featured image from Unsplash.
Charts from TradingView.

He is setting his sights on a move to ,600 in 2021, noting that its macro market structure justifies this extremely bullish sentiment.

Analyst: ETH Poised to See Serious Gains in Coming 14 Months

The rejections it has posted at this level have contributed to its technical weakness, and the spotlight is once again being directed onto Bitcoin as the crypto tries to break above its crucial ,200 resistance level.
The cryptocurrency has been trading at this level for quite some time, with bulls struggling to break above the heavy resistance at 0.

This may soon change, as Bitcoin’s attempt to break above its key resistance could create a tailwind for ETH.

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

At the time of writing, Ethereum is trading up marginally at its current price of 6. This is around the price at which it has been consolidating for the past day.

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