Ethereum price kicked off a magnificent recovery quickly after the asset found its bottom below $1100. The second-largest crypto rebounded well from the interim at $1240 and appears to be heading towards the next target levels, which are more than 6% higher than $1300. Meanwhile, the volume has dropped, due to which the price is expected to remain above the lower pivotal support.
Despite the freefall in June or the recent one in November, the ETH price continues to respect the support levels, indicating the resurgence of a bullish trend very soon. The current trading setup indicates the price will remain consolidated around $1250 levels for some more time until the next plan of action is determined.
The price may either rebound from the current levels or experience a notable drop towards $1200 and later flip to rise beyond $1300 to reach $1344. However, it may consume more time than required as the bulls continue to remain largely passive. On the other hand, ETH against BTC or ETH/BTC is mirroring a previous rally and appears to be at the foothill of a massive explosion.
The ETH/BTC is mirroring the 2016-17 price trend, where-in the price rebounded finding its lows after a gigantic drop. Further, the price broke out from the bull flag to mark interim highs, which were woefully followed by a major slump. However, the ETH/BTC price is repeating the same trend and appears to have completed its accumulation. Hence, a breakout from the current parallel channel may ignite the second impulse wave to mark new highs.