- Ethereum has been caught in the throes of an intense bull trend throughout the past few days and weeks, which has helped erase its trend of underperformance
- Where the cryptocurrency trends in the days and weeks ahead will depend largely on Bitcoin and whether or not it can remain stable in the mid-$18,000 region
- Each selloff faced by the benchmark crypto has been fleeting and followed by upside, which is a bullish trend
- One trader is now pointing to an Ethereum fractal that suggests the crypto could be in the early stages of its next parabolic advance
- This comes as it breaks above its last key resistance level before $800
Bitcoin’s stability has given altcoins free-range to rally, with Ethereum leading the charge as it pushes past its last key resistance level before $800.
The crypto is currently in the process of trying to break above $600. The selling pressure here is quite intense and has catalyzed a few pullbacks. If firmly surmounted, its next key resistance sits at $800, which could mean that parabolic gains are imminent.
This theory is confirmed by a fractal recently put forth by one popular analyst, which suggests that parabolic upside is imminent in the near-term.
Ethereum Shows Signs of Strength as Bulls Try to Break $600
At the time of writing, Ethereum is attempting to break above $600. The selling pressure here has been quite intense and may continue holding strong in the near-term.
However, a firm break above this level would be significant and open the gates for significantly further upside.
It is important to note that the resistance here is the last key resistance faced until $800, making a break above this level technically significant.
This Fractal Suggests Parabolic Upside is Imminent
The current market trend is unfolding much like investors had anticipated it to, with Bitcoin leading the charge, slowing once it neared its all-time highs, and allowing altcoins to see explosive momentum.
Ethereum is leading the charge higher amongst altcoins, and one analyst’s fractal suggests that its uptrend is just getting started.
“ETH: Everything lines up,” he said while pointing to the below chart.
Image Courtesy of il Capo of Crypto. Chart from TradingView.
Whether or not Ethereum can break and hold above this level for an extended period of time will provide some serious insights into its mid-term outlook.
Featured image from Unsplash. Charts from TradingView.