Ethereum is flashing some signs of strength today as it inches higher while caught within a short-term consolidation phase.
This consolidation trend came about after the cryptocurrency rallied to highs of $380 before facing some heightened selling pressure that caused its price to retrace back down towards $360.
It is now trading squarely between these two levels, with buyers and sellers largely reaching an impasse as they both attempt to gain control over the cryptocurrency’s near-term outlook.
This sideways trading bout has come about, in part, due to that seen by Bitcoin. The benchmark crypto rallied up to highs of $10,500 yesterday before facing some selling pressure that caused its price to slide down to $10,200.
Whether or not both Bitcoin and Ethereum are able to break above the upper boundaries of these trading ranges will have far-reaching implications for smaller altcoins.
One analyst is now noting that ETH’s outlook is growing stronger, which could mean that a sharp