- Ethereum has been closely tracking Bitcoin’s price action throughout the past few days and weeks, which has led it to see some immense turbulence as of late
- Just two days ago, the benchmark cryptocurrency faced a rejection at its all-time highs that resulted in it reeling from $19,500 to $16,400
- This selloff was the most intense one seen since this uptrend first got started a handful of weeks ago
- Where it trends next will depend almost entirely on whether or not bulls can extend the ongoing rebound
- One analyst does believe that Ethereum is in a position to rally higher in the near-term, as it is now looking strong from a technical perspective
Ethereum and the entire crypto market have witnessed some of the most intense turbulence seen in weeks over the past couple of days.
Bitcoin’s rejection at its all-time highs, coupled with fear regarding a new wave of regulations, sent the entire market reeling lower, with ETH plunging from its recent $620 highs to lows of $490.
Where the market trends in the mid-term will depend largely on whether or not bulls can extend the ongoing rebound that is taking place at this moment.
One trader expects further upside, noting that the cryptocurrency is looking increasingly strong from a technical perspective.
Ethereum Rallies Higher Alongside Bitcoin
At the time of writing, Ethereum is trading up over 4% at its current price of $539, which marks a massive rebound from its multi-day lows of $490 set at the bottom of the recent selloff.
The strength seen in the time following the recent market-wide selloff is a positive sign, as it indicates that the major digital assets were all brought into oversold territory.
ETH may face some resistance around $540, but a firm break above this level could lead it to see some significant upside.
Analyst Claims ETH is Poised to See Further Upside
One trader explained that Ethereum is now looking technically strong and may be well-positioned to see further upside in the days and weeks ahead.
He does note that he’d like to see one more sweep of the range lows to make a sustained push higher in the days and weeks ahead.
“Back to blue. I bought spot ETH at $500 and I’m now long on lev. I’d still like to see another sweep of the lows, just hoping to not get chopped. Signals have been strong enough from this chart that it warrants me being long when we’re blue.”
Image Courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.
The coming weekend should shine some light on the present state of the market, and provide valuable insights into where Bitcoin, Ethereum, and other major crypto-assets will trend in the mid-term.
Featured image from Unsplash. Charts from TradingView.