Ethereum was caught in the last few weeks in a parabolic upward trend and its dynamics has so far shown no signs of slowing down.
During the past week, the cryptocurrency had been consolidating below $ 400, Bitcoin at the same time sideways under $ 12,000.
Although the Benchmark crypto-currency remains below this key resistance level, could Ethereum develop in the last 24 hours, an intense dynamics, the let it in the direction of 450 $ to rise.
This massive upturn came quite unexpectedly and has not yet generated enough wind from the back to Bitcoin withdraw over $12,000 and beyond.
There are some indications that the intensive dynamics in the case of Ethereum could slow down in the near future, because On-Chain data show that ETH is not managed, significant support just below the current price region.
An Analyst observed, moreover, that Ethereum can is pushing against a major supply zone and may not maintain momentum as long as the price of Bitcoin is stagnant.
Ethereum is of the essence after an unexpected rally against important supply zone
At the time of writing, Ethereum trade at the price of 435 dollars.
At the beginning of the day, the price stabilized around 420$, after he was able to recover over night from a day low of 380$.
The strength of this upward trend comes about without obvious bullish price action in Bitcoin, so perhaps investors are not the cause, the move is a part of their DeFi-Token-profits gen ETH.
An Analyst by the name of “RJ” believes that the area around 450 $ is a supply zone for the crypto-currency, and that it might not prove to be insurmountable, if Bitcoin pushes to the top.
“ETH, here, in front of a large Supply, has exceeded the others, but I don’t think it can keep up at this pace. Either BTC breaks 12,000, and begins to catch up, or the market pulls back for a sustained consolidation. Hiding at 12k+ your Alts.“
Data show that the ETH is not managed, a significant support between $390 and $440 to build.
In spite of the strong upward trend of Ethereum, the “Global In/Out of the Money”-indicator of the analysis platform into theblock two slightly declining Trends for the crypto-currency shows.
As you can see in the graphic below, has established the crypto-currency still strong support between $390 and $440, is now reaching but on resistance.
Data Source: Into Theblock
This seems to confirm the assumption, that the up take trend from Ethereum only then, when Bitcoin is of the essence in the coming days, also to the top.