Ethereum Could Soon Target $800 as Macro Market Structure Builds Strength
- Ethereum and the aggregated cryptocurrency market has been seeing immense volatility as of late
- Yesterday, ETH declined to lows of $427 before finding some strong support that slowed its descent and sparked a sharp rebound
- The cryptocurrency has been trying to confirm $450 as a level of support throughout the past few days, as this is a crucial level that must be held above for it to see further upside
- Where the market trends next will depend largely on Bitcoin, as Ethereum is finally beginning to move in tandem with the benchmark digital asset
- One trader is noting that over a macro timeframe, he is expecting a move towards $800, making these micro fluctuations simple noise when it comes to its long-term outlook
Ethereum has been closely tracking Bitcoin’s price action throughout the past few days, which marks a major shift from its previous trend of seeing stagnating price action while BTC rallied higher.
ETH is now on track to catch up to Bitcoin’s gains, but for it to do so, it must establish $450 as a strong base of support.
One trader is watching for a macro move up towards $800, noting that he expects serious upside in the days and weeks ahead.
Ethereum Reclaims $450 Support as Buyers Regain Control
At the time of writing, Ethereum is trading up over 4% at its current price of $453. This marks a serious climb from its recent lows of $427 that were set just hours ago.
These lows came about due to the selling pressure that pushed Bitcoin from the mid-$15,000 region down to lows of $14,400. The headwinds created by this movement were insurmountable for altcoins.
Ethereum has since erased all of these losses and is looking even stronger than it was before.
ETH Likely to Rally Towards $800 Eventually, Claims Analyst
While sharing his thoughts on where Ethereum might trend over a mid-term time frame, one analyst explained that he is adding to his holdings now intending to sell between $700 and $800.
“ETH: Added a big stack of ETH at the $442 support retest. I’m serious about not missing the eventual big move up to $700 to $800. Looking for a break of the previous range above. Will play this level by level with stops below my entry,” he said.
Image Courtesy of Josh Rager. Source: ETHUSD on TradingView.
So long as Bitcoin remains stable and Ethereum can hold above $450 before its weekly candle close, there’s a strong possibility that it will soon see significantly further upside.
Featured image from Unsplash. Charts from TradingView.