Ethereum Erases Recent Losses as Analysts Eye Move to $800 Next
- 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 $600
At 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 ETH
While 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.