- Ethereum has been moving in close tandem with Bitcoin throughout the past several days and weeks, struggling to garner any independent momentum as it ranges
- This sideways trading has done little to bolster the cryptocurrency’s bull case
- That being said, analysts have been pointing to its fundamental strength as a reason why it may soon explode higher
- Data seems to suggest that the crypto only has a 7% chance of seeing any type of intense parabolic rally before the end of the year
- This chance is degrading by the day too, as ETH may be growing weaker the longer it consolidates
Ethereum and the aggregated cryptocurrency market has been able to post some upwards momentum over the past day, with buyers attempting to catalyze enough buying pressure to invalidate its recent weakness.
This movement has been tempered, however, and heavy resistance just above ETH’s present price level may prove to be insurmountable in the near-term.