2020-12-1 23:00 |
Ethereum and the entire crypto market are showing immense signs of strength today This comes as investors pour money into the market at a rapid pace, with Bitcoin rapidly approaching its all-time highs This rebound comes close on the heels of a sharp selloff that led ETH to $490 and BTC to $16,400 Where the market trends next will undoubtedly depend on Bitcoin’s continued reaction to the resistance sitting in the mid-$19,000 region Any strong rejection here could cause the crypto to post some notable losses, sending Ethereum down as well That said, one trader is bullish on ETH, forecasting that the cryptocurrency will see a strong push towards $800 in the near-term
Ethereum and the entire altcoin market are closely tracking Bitcoin’s price action today, which is greatly favoring bulls.
Following a recent decline to lows of $490, ETH has been rallying higher daily, with it now breaking above $600 for the second time in the past week.
The last break above this level was fleeting and only allowed it to climb as high as $620. Where the market trends in the mid-term will depend largely on the cryptocurrency’s continued reaction to the resistance within its current price region.
One trader believes that $800 is next, noting that serious upside could be imminent in the days and weeks ahead.
Ethereum Shows Signs of Strength as Bulls Shatter $600At the time of writing, Ethereum is trading up just under 5% at its current price of $601, which marks a massive surge from its recent lows of $490 that were set late last week.
The strength seen in the time since these lows were set does indicate that this is a full-fledged bull market and that further upside is likely imminent in the days and weeks ahead.
$800 Imminent: Trader Claims It’s Now Open Skies for ETHWhile sharing his thoughts on where Ethereum might trend in the mid-term, one trader explained that he expects the cryptocurrency to see a move up towards $800 in the near-term.
To justify this possibility, he notes that the break above $600 marked the final key resistance level before his upside target.
“ETH looking so bullish on the weekly. Basically no resistance until $800.”
Image Courtesy of Galaxy. Source: ETHUSD on TradingView.So long as Bitcoin remains steady above $19,000, Ethereum’s current momentum will likely persist and allow the aggregated market to move significantly higher.
Featured image from Unsplash. Charts from TradingView.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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