- It has been a turbulent morning for the crypto market, with Bitcoin trending down towards $15,000 while creating headwinds for altcoins
- That being said, Ethereum has largely been able to dodge these headwinds, posting a strong recovery from its brief early-morning dip towards lows of $440
- It is once again moving to reclaim its $450 resistance, and flipping this level into support is vital for the cryptocurrency to see any significant upwards momentum
- One trader is now noting that the cryptocurrency is incredibly strong across multiple timeframes
- This indicates, in his eyes, that it is only a matter of time before the crypto sees a strong move up towards $500
Ethereum has been struggling to flip $450 into support following its massive surge seen yesterday.
The cryptocurrency briefly broke above this level yesterday afternoon, but the selling pressure here was intense, and Bitcoin’s decline today forced it below this level.
It is in the process of breaking above this level, and where it trends in the near-term may depend solely on its reaction to the selling pressure that exists here.
One trader is now noting that ETH is expressing signs of strength across multiple timeframes. He believes that it is only a matter of time before it rockets past $500 and sets fresh yearly highs.
Ethereum Struggles to Reclaim $450 Following Latest Selloff
At the time of writing, Bitcoin is trading down just over 2% at its current price of $445. This is around the level at which it has been trading throughout the past day.
Yesterday afternoon, however, bulls shattered the selling pressure that existed at $450 and began flipping this level into support.
Today’s Bitcoin dip to lows of $15,300 created a headwind that forced ETH below this level, and it is now struggling to reclaim it.
Here’s Why ETH Could Soon Rally Past $500
While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that he is watching for a move to $500+.
He notes that the cryptocurrency is strong across virtually all its timeframes, but he adds that holding $450 is important.
“ETH / USD: LTF and HTF momentum looking strong at the moment, seems as though PA is holding $450 strong as support for the moment, important this level remains support… Currently watching to see where we close the weekly. I do think that this month we see $500+ tapped.”
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
Unless Bitcoin reels below $15,000, Ethereum’s momentum is likely just getting started, and it still has a long way to go before it catches up to the gains posted by BTC as of late.
Featured image from Unsplash. Charts from TradingView.