Ethereum is Struggling to Hold This Crucial Level Following Recent Rebound

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  • Ethereum has been closely tracking Bitcoin’s price action throughout the past few days, which has caused it to Bear
    Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

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    ” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear witness to immense volatility

  • The cryptocurrency’s price rocketed up to highs of $1,400 last week before facing intense inflows of selling pressure that sent it to $900
  • It has since recovered from this decline, and it now in the process of trying to flip $1,100 into a support level
  • This has become a key level for the cryptocurrency, and it is now in the process of trying to rally above this level one again
  • One trader explained in a recent tweet that flipping this level to support is vital for Ethereum to see any further upside in the mid-term

Ethereum has seen some mixed price action throughout the past 24 hours, with the crypto reeling to lows of $900 before rebounding to $1,200, before once again facing a rejection and drifting lower.

Bulls are now trying to flip $1,100 into support, as this level has proven to be vital for the crypto throughout the past couple of days.

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It remains unclear whether or not they will be successful, and one trader is noting that a bull case can be made for ETH so long as it holds above $1,012 in the day ahead.

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Ethereum Reclaims $1,100 as Bulls Target Further Upside

At the time of writing, Ethereum is trading up just under 2% at its current price of $1,110, which marks a notable surge from its 24-hour lows of $900.

The cryptocurrency is now trying to flip $1,100 into support, but the selling pressure here indicates that it may see further near-term downside.

A firm break below this level will likely lead it to re-test its $1,000 support, but where it trends next will undoubtedly depend largely on Bitcoin.

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Trader: ETH Needs to Defend $1,000 for Bull Thesis to Remain Intact

One trader noted in a recent tweet that the lower-$1,000 region is the key level to be watching in the near-term.

He believes that a continued defense of this level could allow the entire market to see significantly further momentum in the days to come.

“ETH – Ethereum above $1,163 and my argument that the bottom is in is a lot stronger. Must hold $1,012 *if* retested as support for the argument to be valid as well. Overall, very bullish on Ethereum as I’ve mentioned quite a bit.”

Image Courtesy of UB. Source: ETHUSD on TradingView.

Bitcoin will undoubtedly shape Ethereum’s short-term price action, making it vital that BTC continues finding stability in the mid-$30,000 region.

Featured image from Unsplash.
Charts from TradingView.

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Author: Cole Petersen


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