- Ethereum’s price is currently struggling to surmount some heavy resistance, which has caused it to lag behind Bitcoin today
- This resistance, which exists at $380, has hampered its price action on multiple occasions throughout the past few weeks
- Despite this, because BTC is now nearing $11,000, a break above this crucial level will likely catalyze some intense buying pressure that also creates a tailwind for ETH
- One analyst noted that this region of resistance between $385 and $410 might have some serious impacts on Ethereum’s mid-term trend
- He notes that while a break above this level would be significant, a rejection here could be enough to send it spiraling below $300
Ethereum and the entire cryptocurrency market are flashing some mixed signs. While Bitcoin is rallying towards $11,000 and showing immense signs of strength, ETH and other major altcoins are remaining somewhat stagnant.
Where the market trends in the near-term should have some serious implications for the smaller altcoins that have been stealing investors’ attention over the past few months