Ethereum has seen some intensely positive price action in recent hours, with bulls catalyzing an upswing that led its price to highs of $380 just a couple of hours ago.
It did face some intense resistance at this price region, however, and subsequently plunged towards $360. After rebounding from these lows, it now appears that ETH is caught within a bout of consolidation.
Where it trends next will likely depend mostly on Bitcoin, as the benchmark cryptocurrency has been struggling to break above $10,400 throughout the past few hours. If it does post a firm break above this level, it will likely create a tailwind that lifts ETH higher as well.
One analyst is now noting that where the cryptocurrency trends next may depend mainly on whether or not it can break above one crucial level that was previously strong support for the crypto before its recent decline.
If this level is surmounted and confirmed as support, it could