Ethereum Bulls Defend Key Support as Market Retraces; What to Watch For
- Ethereum has been caught in a wild bout of turbulence these past few days, primarily because of its recent breakout rally that allowed it to gain serious ground against Bitcoin
- The cryptocurrency has been able to flip the crucial $1,000 level into support, and bulls are in the process of defending it presently
- It is imperative that bulls can continue defending this level in the near-term, as any dip below it could lead to a wave of selling pressure
- One analyst spoke about this in a recent tweet, explaining that he believes the support at $1,000 and just below it will be enough to catalyze further upside
- He is targeting a move to the crypto’s range highs at $1,215
Ethereum and the entire cryptocurrency market has been caught within the throes of a powerful upswing throughout the past few days.
ETH has been in the process of erasing its recent trend of underperformance against Bitcoin, with bulls now vying for full control of the lower-$1,000 region.
The selling pressure here is quite significant, but one analyst believes it could be poised to make a serious move higher as bulls continue guarding against a break below $1,000.
He is targeting a move to its range highs above $1,200.
Ethereum Struggles to Defend $1,000 as Market Stalls
At the time of writing, Ethereum is trading down just over 1% at its current price of $1,030. This is around where it has been finding serious support throughout the past few weeks.
The selling pressure it has faced above this price has been intense and may continue hampering its growth in the short-term.
It does appear to be building some strong support just below its current price, which could act as a base for it to grow on in the future.
Analyst: ETH Holds Key Level as Buyers Take Aim at $1,200
Ethereum rallied past $1,200 during the peak of its movement yesterday, which has become its range high.
There’s a strong possibility that this level will act as resistance, but a break above could result in ETH seeing massive upwards momentum.
“Will punt a long if we sweep and reclaim,” one analyst said while pointing to the below chart.
Image Courtesy of Chase_NL. Source: ETHUSD on TradingView
It does appear that this level is holding strong as support, which could mean that a move up past $1,200 is imminent for Ethereum in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.