After experiencing some downward pressure yesterday, Ethereum (ETH) can post a decent climb today, which has allowed it to establish its current range within the $180 regions. This price action has been surprisingly similar to Bitcoin, and it seems that the two assets are currently strongly correlated.
A leading analyst now notes that he expects Ethereum to continue consolidating until Bitcoin runs. But any decisive breakdown on its close resistance would make it significantly more profitable in the short term.
Ethereum Integrates with Bitcoin
At the time of writing, Ethereum quotes more than 2% at its current price of $186.26, indicating a marked increase from its daily lows of $179.9, which was seen briefly yesterday. Although this Cryptography had gained momentum after touching the price level.
Ethereum has been closely monitoring the price action of Bitcoin over the past few days. It seems that this correlation is strengthening as both crypts expand their current consolidation range.
Nick Patel, a popular cryptocurrency analyst, discussed this in a recent blog post and noted that its price may not move much unless Bitcoin raises a decisive trend in one direction or another.
“Ethereum seems a bit uncertain at this time, which not unexpected given the volatility in Bitcoin of late. It almost looks like he is waiting for the next bitcoin step before deciding on an address, ”he explained.
Analyst: ETH has two key levels to divide during the period
The resistance level of ETH requires its upward break in the short term, a strong upward trend for this, says Patel. Adding that it needs to exceed its 360-day moving average and the resistance is currently $200.
"Looking at the ETH / USD chart, the price consolidated below the $200 resistance during the week and above the 360-day moving average. Although I expect the pair to be slightly below the ETC / BTC figures of BTC / USD. It will copy ". Next steps, ”he said, doubling the notion that ETH will not move much unless BTC does.
It is very likely that the next days and weeks will prove to be quite bright when it comes to ETH and the entire crypto market.
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