Parabola Imminent: Ethereum’s Accumulation Range was Bigger Than BTC’s: Author – Cole Petersen

Reported By: Bitcoinist.com

  • Ethereum is rapidly approaching the crucial $600 level that has long been a pivotal point for its various trends
  • This level has held strong on multiple occasions as resistance, which would make any break above it technically significant
  • One trader is now noting that a serious move higher could be imminent for Eth in the near-term
  • He points to a macro accumulation range that Ethereum is just starting to exit, noting that it was within this range for a longer period of time than BTC was in its range
  • If it posts a firm break above this range – as Bitcoin recently did – it could mean that a massive upside movement is imminent in the near-term

Ethereum has been flashing signs of immense strength as Bitcoin rallies higher. BTC’s push past $19,000 has allowed ETH to climb up towards $600, which has been pivotal for its price action.

Periods of trading above this level have, so far, been relatively short-lived, with bears ardently trying to stop it from posting any long-term break above this price.

That said, Ethereum is now nearing the end of a long-held accumulation range that it has been caught within since 2019, which is strikingly similar to a range that Bitcoin recently broke out of before it saw a parabolic rally.

As such, one analyst believes that Ethereum could be on the cusp of seeing a massive parabolic rise.

Ethereum Rallies Towards $600 as Bulls Roar

The market is back to being in bulls’ control, with the recent selloff being incredibly fleeting as buyers aim to push BTC to fresh all-time highs.

At the time of writing, Ethereum is trading up over 4% at its current price of $592. This marks a notable rise from its recent lows of $528 set at the bottom of the recent selloff.

ETH is About to Exit a Multi-Year Accumulation Range

One trader explained in a recent tweet that Ethereum is about to exit a multi-year trading range similar to the one seen by Bitcoin before its recent parabolic rise.

“ETH: Anatomy of a BULLISH chart. P.S. Ethereum accumulation range was bigger than the Bitcoin one,” he said while showing the comparison of the two charts.

Ethereum

Image Courtesy of il Capo of Crypto. Source: ETHUSD on TradingView.

If history rhymes, then Ethereum could be on the cusp of seeing a massive push higher that potentially leads it back up towards its all-time highs.

Featured image from Unsplash.
Charts from TradingView.

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