Ethereum currently trades for $450 as of this article’s writing, stuck in a short-term range with DeFi coins as Bitcoin has entered a phase of consolidation. Analysts are optimistic about the leading cryptocurrency due to technical signs indicating it may run back toward the highs.
Bitcoin is also seen as bullish by many analysts, who point to on-chain trends. Bitcoin continuing to press higher should bode well for Ethereum over a medium-term and long-term time frame.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Ethereum and DeFi Could Bounce, Key Chart Shows
According to prominent cryptocurrency trader “Flood,” Ethereum is primed to move even higher in the days ahead as key supports hold. He recently said that the cryptocurrency could bounce to $471 in the coming days:
“DeFi looks pretty neutral to bullish and I think $ETH looks primed for a 471 resistance tap. Added to longs. Will add more on 471 break and