Analyst: Ethereum Likely to Target $555 as Bulls Shatter Key Level
- Ethereum has rocketed past $500, with its ongoing upswing coming about as investors begin pouring capital into altcoins while BTC pushes towards its all-time highs
- This momentum is showing no signs of slowing down anytime soon
- Whether or not bulls can close its price above this level during tonight’s daily close will provide some insight into its mid-term outlook
- This surge has created a tailwind for altcoins, with many posting massive gains as the DeFi sector once again leads the charge higher
- One trader is now targeting another 10% move higher to $550 in the near-term for ETH
Ethereum and the entire crypto market have been caught within the throes of an intense bout of upwards momentum throughout the past few days and weeks.
The selling pressure seen around $500 has been quite intense, with its momentum slowing the instant it crossed this level. That said, Bitcoin’s present strength is likely scaring away sellers, which may allow ETH to post a high time frame close above this level.
One trader is now noting that a strong foothold within this price region could help lead it up to $555 in the near-term.
Ethereum Shows Signs of Strength as Bulls Shatter $500
At the time of writing, Ethereum is trading up just over 7% at its current price of $504. This marks a massive breakout from its recent lows of $440 set earlier this week when the entire market faced a strong selloff.
From this point on, it has been caught within an intense uptrend that has allowed it to see some immense momentum.
Where the aggregated market trends in the near-term will undoubtedly depend primarily on Bitcoin, and its present strength as it marches towards $19,000 is an incredibly positive sign for what’s next.
Trader Claims ETH is Poised to Explode Towards $555 Next
While sharing his thoughts on Ethereum’s technical outlook, one trader explained that he is closely watching for a move towards $555 in the near-term.
This would mark a nearly 10% rise from its current price level, which is reasonable considering the strength seen across the entire market at the moment.
“Time to sacrifice my 1R to the gods… that is if it doesn’t just break resistance right here. Quick pullback would be a beauty,” he said.
Image Courtesy of Chase_NL. Source: ETHUSD on TradingView.
The coming few days should provide significant insights into the aggregated market’s near-term trend. If ETH can maintain its strength and push higher, it could send the entire market into a full-fledged parabolic uptrend.
Featured image from Unsplash. Charts from TradingView.