Ethereum has been consolidating throughout the past few days and weeks, with buyers and sellers both reaching an impasse as it largely trades within the mid-$1,300 region.
At the moment, $1,380 is the key resistance level to watch, as sellers have been ardently trying to guard against a break above this level.
Once broken, however, ETH could see a massive upswing that leads it to new all-time highs, which is a possibility that one analyst is closely watching.
At the time of writing, Ethereum is trading down marginally from its recent highs of just over $1,400 set yesterday afternoon.
The crypto is now well-within a consolidation phase that has done little to provide insights into where it may trend in the mid-term.
Bitcoin and its continued reaction to the resistance that sits in the mid-$30,000 region should provide some insights into where major altcoins like Ethereum will trend next.
One trader explained in a recent tweet that Ethereum could be gearing up for a major push higher similar to that seen by the crypto in November before it exploded into the $1,000+ region.
He also notes that the buying activity on each dip indicates that the bid for ETH is quite strong.
“Noteworthy that $ETH has spent almost entire month hovering near 1300s. Quite similar to its behaviour in November when price exploded up right after at the beginning of month and never looked back. BID is STRONG.”
So long as Bitcoin remains steady, there’s a strong possibility that Ethereum will soon see a large move higher.