Ethereum Price In Limbo: Can A Dip In The Dollar Help it Rally To New Heights?

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The Ethereum price is stuck around the $1550 level without displaying any possibility of breaking above the consolidation in the near future. The reduced volatility could have indicated that the bulls are currently extremely passive, and not willing to take up any risks. In such cases, the ETH price could still undergo another rally in case the dollar and rates drift lower. 

A popular analyst, Chris Burniske, the founder of venture firm Placeholder, tells his 255.2K followers that if this happens, Bitcoin could effectively secure the levels above $25,000 If the Ethereum price follows the star crypto, then it may also kick off a fine upswing.

For much of February the dollar and rates went higher, while crypto hung in there. If the former two start to drift lower, $BTC could push through $25K, and if $ETHBTC pushes alongside that we could get another round of fireworks.

— Chris Burniske (@cburniske) March 5, 2023

The primitive token Bitcoin has been experiencing a bearish wave for the past few days with reduced volume. However, the price witnessed enhanced volatility in the past few days to catch a bid after forming an anchored-weighted average price (VWAP) on the daily chart. This pattern usually indicates that the bearish sentiments may cease with a breakout towards either the top end or the bottom. 

Currently, the Ethereum price is trading at $1564.79 with a drop of 0.21% with a market capitalization of $191.48 billion. The circulating supply is around 122.37 million and the trading volume in the past 24 hours is around $4,78 billion at the moment.