Ethereum has been sticking like a leech below $380 for the past few days, which is a crucial level that has long held critical control over the entire crypto market.
If it continues to be held beneath this level, it could hint that bulls are losing their edge over the asset and that further downside is approaching.
ETH’s near-term forecast seems to remain primarily correlated to Bitcoin, as the benchmark cryptocurrency has given firm guidance to the altcoin market as of late.
This isn’t a tough thing, as BTC is stable at around $11,500 and may grow more robust as bulls aim to break its $11,600 resistance.
In the near-term, ETH bulls need to shatter the $380 level and confirm it as support. Doing so will provide the crypto with a strong support base that could help launch it significantly higher in the days and weeks ahead.
One analyst described in a fresh tweet that a few catalysts in the near-term could provide it with serious upside, including phase 0 launch of ETH 2.0 and a higher high and higher low on top of its 715-day trading range breakout.
Ethereum Shows Signs of Strength as Bulls Target $380
At the time of this post, Ethereum is trading up just under 2% at its current price of $375. This is around the price at which it has been trading throughout the past few days and weeks.
Bears lately tried to push it below $370, but the buying pressure here was quite significant and helped spark a sharp rebound.
The drifts in the mid-term will likely depend primarily on whether or not bulls can surmount $380.
This level has proven to be pivotal in the past and will likely continue governing Ethereum’s near-term outlook.
Three Stimulus That Can Persuade ETH in 2021
One analyst described three fundamental and technical catalysts that would likely influence Ethereum’s price action in the months ahead. They are all overtly bullish.
“ETH Notes on Chart: 2.0 Coming. HH + HL on top of 715 day range break. PoB to ATH’s… you’re bearish?“
How Ethereum trends it’s the direction into 2021 will undoubtedly depend somewhat on Bitcoin.
This presents it necessary for ETH that BTC can break its macro stabilization phase and rally higher in the months ahead.
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