- 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 â€“ as Bitcoin recently did â€“ 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. BTCâ€™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 bullsâ€™ 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
â€œETH: Anatomy of a BULLISH chart. P.S. Ethereum accumulation range was bigger than the Bitcoin one,â€ he said while showing the comparison of the two charts.
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.