- Ethereum and the entire crypto market is consolidating today following some recent turbulence
- Bulls stepped up after the entire market saw a massive selloff yesterday and absorbed the influx of selling pressure, allowing BTC to rocket past $40,000 and ETH to move higher
- Today, the market has consolidated and drifted slightly lower, although bulls still seem to be poised to catalyze further upside
- One trader is now noting that Ethereum could be well-positioned to see upside in the near-term, adding that its outlook is growing strong by the day
- He is specifically noting that a move up to the $2,000 region could be imminent in the days and weeks ahead
Ethereum has been struggling to gain any immense momentum as it navigated towards the mid-$1,200 region, with the selling pressure here proving to be significant.
Each move towards $1,300 has sparked rejections, and its price has been moving in close tandem with Bitcoin’s.
One analyst believes that the crypto is on the cusp of making a serious push higher. He notes that ETH’s macro-outlook is incredibly bullish, with his first price targets resting within the lower-$2,000 region.
Ethereum Faces Heightened Selling Pressure Due to $1,300 Resistance
At the time of writing, Ethereum is trading down just under 4% at its current price of $1,185. This marks a notable decline from its recent highs of $1,300 set earlier this morning when bulls stepped up and sent its price rocketing higher.
Where the market trends in the mid-term should depend largely on Bitcoin and whether the benchmark crypto can gain a strong foothold above $40,000.
Bulls are struggling to reclaim this level at the present moment, hampering Ethereum’s price action.
Trader: ETH Likely to Surge Past $2,000
One trader explained in a recent tweet that Ethereum’s macro-outlook is growing strong by the day.
He specifically notes that a move past $2,000 is likely to occur in the mid-term and that he wouldn’t be surprised if it went much higher.