The ongoing uncertainty in the stock markets has had a trickle-down effect on the crypto markets, leading to BTC to register bouts of sideways trading. However, while BTC remains stagnant in a tight range near the $10,200 level of support, ETH is flashing some strength signs as it inches higher above the $360 support level.
The ETHUSD pair broke out of the recent short-term consolidation phase that had kept it within the higher $360s range to rally towards $380.
The top altcoin has since corrected slightly lower amid heightened selling pressure to trade at $373 during press time.
ETHUSD chart by Tradingview
ETH is now squarely between the $360 and $380 levels as bulls and bears seemingly reach an impasse as they both attempt to gain control over the asset’s near-term outlook.
ETH Price Outlook is Growing Stronger
Despite experiencing a bout of sideways trading, the ETH price has shown significant strength over the past few days after the bulls managed to push the crypto from lows of $320.
This price action has convinced one crypto trader that the second-largest crypto is poised to see an uptick in the near term.
Sharing his chart below, TheCryptoCactus noted that ETH shows positive signs for an uptick, adding that he is going long on the crypto asset.
That said, another analyst argues that ETH must break the pivotal $380 resistance to confirm its bull-bias. According to Teddy Cleps, whether the altcoin surmounts this level or is rejected here over the weekend will significantly impact its mid-term price outlook.
LINK Price Poised for Move Higher
Chainlink (LINK) has been caught within a trading range between $11.20 and $13.20 throughout the past few days. This price action mirrored BTC, which has fluctuated between $10K and $10,500 over the same period.
At the time of writing, the LINKUSD pair is up 2% at $12.421. The price movement displayed in the chart below prompted one trader to predict that LINK could see a near-term upside.
LINKUSD chart by Tradingview
Trader and analyst Cantering Clark explained via a tweet that LINK’s current consolidation phase looks strikingly similar to previous ones. These consolidation phases all ended with a continuation of the asset’s uptrend, suggesting that a LINK rally could soon occur.