Ethereum, which is currently trading at the price of $189 is following Bitcoin’s price closely which has been trading sideways around $8,800 since the drop in price from $9,000 that occurred earlier this past week. Ethereum price slightly climbed up by 3% compared to yesterday’s trading price of $184.
As seen in the 360-days moving average, ethereum is finding some support according to some of the popular cryptocurrency analyst. The analyst also suggests that if the ethereum can close above $200 which is its long established resistance level, then it can spark a fresh uptrend in the crypto market.
So for this coming weeks and months, the movement of ethereum can be determined by the way it trades against Bitcoin within coming hours and days. Anything above the resistance level of ETH ($200) can play a significant role in gaining edge over the BTC.