- Ethereum has been closely tracking Bitcoin’s price action throughout the past several days and weeks
- This has primarily caused it to see a prolonged bout of sideways trading, but is beginning to help lead it higher as BTC’s outlook grows brighter
- Ethereum has climbed slightly over the past day, but still has a way to go before it breaks any key technical levels
- One analyst is now noting that this is a critical week for ETH, and whether or not it can break above $360 could determine its fate for the fourth quarter of the year
While speaking about where he expects Ethereum to trend next, one analyst explained that reclaiming 0 could be all that is needed to spark a serious upswing.
Ethereum’s price has been struggling to garner any decisive momentum throughout the past several days and weeks, mainly hovering around 0 as it closely tracks Bitcoin.
Featured image from Unsplash.
Charts from TradingView.
Ethereum Shows Signs of Reversing as Bitcoin Pushes Higher
Bitcoin will likely continue guiding Ethereum in the days and weeks ahead.
“ETH / USD: Pretty neutral at the moment, very LTF showing some signs of reversal but nothing majorly significant right now, either we reclaim 0 as support or downside continuation. I think this week is going to be a critical week, Q4 momentum should be decided this week imo.”
Image Courtesy of Cactus. Chart via TradingView.
It is important to note that this slight move higher is only coming about as a result of Bitcoin’s tempered strength, which comes as the stock market opens higher on news of President Trump’s uneventful recovery from his recent infection.
At the time of writing, Ethereum is trading up marginally at its current price of 3. This marks a notable upswing from daily lows of 8 that were set just a few hours ago.
He does note that there are some low time frame signs that a push higher is imminent, but overall its current outlook remains “neutral” until this level is surmounted.
It has been able to move slightly higher today, thanks to Bitcoin’s push past ,700. Because of the tight correlation it has formed with BTC, the benchmark cryptocurrency will likely determine its near-term outlook.
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