ETH highly correlated with the main cryptocurrency BTC, and therefore one cannot be surprised at the high dependence of the trend. The correlation currently reaches up to 0.91 points. The market price recently saw an attempt by buyers that was immediately rejected by sellers. It seems that the correction is not abating.
The chart below shows price trying to make a higher local low. If the price succeeds, ETH will continue sideways in the range of $900 support and $1,250 resistance. Until the price breaks one of these levels, the sideway structure will still be valid. But where can the price move in the near future?
ETH continues sideways. Source: TradingView
ETH continues sideways
If the price fails to create a minimum above $900, then the correction will pick up volatility again. On the other hand, if creates it higher, we will follow bullish target at the level of point of control $1,100. The price during the sideways structure will tend to return to the control point until the structure is completed.
If we summarize the development of the price of ETH, there is still room for continuation of the correction. The same applies to BTC and the movement of these two coins will be similar in the near future. In the short term, it is most important to monitor the position of the next local minimum.
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