Ethereum to Post Bullish Weekly Close; Will This Invalidate Its Weakness?
- Ethereum has expressed some signs of immense strength today, with its buyers catalyzing a sharp upwards movement that has allowed it to surge towards $420
- The cryptocurrency’s momentum is leading it into its daily and weekly candle close with a strong market structure
- Analysts believe that this will be enough to help propel the crypto higher in the days and weeks ahead
- One analyst is noting that although ETH may face some resistance at $430, its near-term outlook remains incredibly strong and it may be able to fly past this level
- The only way this strength will be invalidated is if Ethereum closes the week below $410
Ethereum has been one of the strongest major cryptocurrencies throughout the past couple of hours, as it has been able to surge significantly from its recent lows.
Bulls are now taking aim at sending it back into the mid-$400 region, as this is where it was able to set its yearly highs previously before facing a massive influx of selling pressure that sent it reeling lower.
Analysts do believe that ETH is poised to see some significant near-term upside in the coming few days and weeks, especially if it is able to close its weekly candle above $410.
Ethereum Shows Signs of Strength as Bulls Take Control
At the time of writing, Ethereum is trading up nearly 5% at its current price of $417, which marks a massive surge from its recent lows of $379 that were set earlier this week.
The cryptocurrency has significantly outperformed Bitcoin over the past few days, as the benchmark digital asset is still trading sideways within the mid-to-upper $11,000 region.
Whether or not ETH is able to climb higher in the coming few days and weeks should depend largely on Bitcoin, as any firm rejection within the upper-$11,000 region could send ETH reeling lower.
ETH To Close the Week on a High Note
While speaking about Ethereum’s near-term outlook, one analyst explained that it is poised to close its weekly candle on a high note.
The analyst notes that a close above $410 will be incredibly bullish and position it to see significantly further upside in the near-term.
“ETH HTF Update: Daily and weekly closes are looking to be super strong, ETH is doing it for the culture, love to see it! See no reason to remain bearish with weekly close above $410… Might run into some resistance around $430 but overall looking good here for HTF leg upwards.”
Image Courtesy of Cactus. Chart via TradingView.
As the weekly close approaches, how Ethereum trends next will be vital for understanding its near-term outlook.
Featured image from Unsplash. Charts from TradingView.