фото показано с : bitcoinist.com

Ethereum has been underperforming Bitcoin throughout the past couple of days, drifting lower while the benchmark crypto nears its 2020 highs Higher risk assets like ETH may be seeing tempered price action because investors fear the sustainability of BTC’s latest push higher If it can stabilize and see a continued bout of sideways trading, then assets like Ethereum may be able to push significantly higher One trader is noting that until $460 is flipped back into support, however, ETH may be in a somewhat precarious position He emphasized that a 4-hour candle close above this level is imperative for bulls

Ethereum has been woefully underperforming Bitcoin throughout the past few weeks – a trend that has persisted up until now, despite the recent strength seen throughout the DeFi sector.

Yesterday, when BTC’s price briefly broke below $16,000, investors panicked and sold ETH until it reached $440, which is when its downtrend halted, and it rebounded.

It is now trading around where it has been for the past week.

One trader is cautious about its near-term outlook, noting that the crypto needs to flip $460 back into support and post a high time frame close above it.

Bulls are in the process of once again surmounting this level, which could mean that upside is imminent in the near-term.

At the time of writing, Ethereum is trading up just over 2% at its current price of $459. Bulls are ardently trying to surmount its $460 resistance and reclaim this level as support.

Because Bitcoin is strong at the moment, there’s a strong possibility that this level will be broken and held above in the near-term.

If flipped back into support, it could also provide a base for the crypto to rally off of.

While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that he would like to see a 4-hour candle close above $460 before he flips long on the cryptocurrency.

“ETH / USD: Currently hard to determine if PA has S/R flipped back above $450 but for now it seems price is back above in the short term but still below key resistance at $460. I think patience is the best option here and wait for a few more hourly or 4H closes to find a setup.”

Because Ethereum is in the process of shattering $460, the coming few hours could be quite telling as to whether or not it will post a high time frame close above this level.

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