Saturday, January 16, 2021

Analyst Claims Ethereum (ETH) Is Poised to See Further Price Upside

Ethereum (ETH) and the entire cryptocurrency 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.

Read Also: I Purchased 500,000 ETH from Vitalik Buterin and 30,000 BTC in First Crypto Investment – Mike Novogratz

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.”

Read Also: Ethereum 2.0 Now Ready To Go Live On 1st December with Over 700,000 ETH Deposits

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.

Source

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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