Ethereum is Beginning to Look “Perfect” as Sellers Show Signs of Exhaustion

Ethereum’s price action has been rather lackluster as of late, as the cryptocurrency has been unable to see any strong momentum as bulls struggle to take control of its price action.

This bout of choppy trading has largely come about due to Bitcoin’s inability to break above its all-time highs, with each visit to this level resulting in the crypto seeing strong selloffs.

One trader is now noting that ETH could be perfectly positioned to see some serious near-term upside. He calims that it has held a crucial high time frame support level and is now approaching key resistance.

Ethereum Shows Signs of Strength as BTC Breaks $18,000

At the time of writing, Ethereum is trading up marginally at its current price of $555, which marks a notable climb from its recent lows of $535 set just over a day ago.

The selling pressure laced throughout the upper-$500 region has been intense for Ethereum, and it may not be able to decisively break it until Bitcoin can rally past $19,000.

BTC has been controlling the market as of late and will likely continue doing so for the foreseeable future.

Analyst Claims ETH is Setting Up Perfectly for a Move Higher

One trader believes that Ethereum could be well-positioned to see a strong push higher in the mid-term.

He notes that it has been able to continuously defend one key support level does seem to indicate that further upside could be imminent in the days and weeks ahead.

“ETH / USD: Looking perfect right now, retest of $535 for the third time and then moved higher to reclaim $550 support which is critical for LTF momentum. Hold and continuation next. Next level I am watching for is $577 to be S/R flipped.”

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

The coming few days should shine a light on Ethereum’s outlook, as there’s a strong possibility that it will remain dependent on Bitcoin.

Featured image from Unsplash.
Charts from TradingView.
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