Here’s the Key Level Ethereum Must Claim to Rally Towards $800

  • Ethereum’s price has been closely tracking that of Bitcoin as of late, which has caused the cryptocurrency to see some notable losses
  • It has been defending $500 throughout the course of its recent push lower. This comes as Bitcoin breaks below $17,000 and begins seeing accelerating downwards momentum
  • If $500 becomes a strong base of support for ETH, it could help propel the cryptocurrency significantly higher in the days and weeks ahead
  • A sustained decline beneath this level, however, could open the gates for it to see significantly further losses in the days and weeks ahead
  • One trader is still expecting a move up towards $800, noting that it first needs to break above $570

Bitcoin has been leading the market lower over the past couple of days, with Ethereum erasing the bulk of its recent gains as it slides towards $500, while BTC shows intense signs of weakness as bulls fail to defend $17,000.

This decline marks the first sustained pullback seen throughout the course of the recent multi-week uptrend.

Both BTC and ETH are still up significantly from their multi-month lows, but there now seems to be a greater risk of seeing even further downside.

One trader is noting that Ethereum needs to begin rallying higher and break above $570 to see further upside. He notes a break above this level could lead it to $800.

Ethereum Defends $500 as Selling Pressure Mounts 

At the time of writing, Ethereum is trading down just over 2% at its current price of $510. This is around where it has been trading throughout the past few days.

The selling pressure seen over the past few days isn’t letting up, and Bitcoin’s break below $17,000 could create headwinds that force ETH lower in the near-term.

Analyst: ETH Could Rocket Towards $800 if One Key Level is Reclaimed

One trader explained in a recent tweet that a reclaim of $570 could open the gates for Ethereum to see a sustained move up towards $800.

“ETH: Line held. Once we reclaim $570 we’ll go to $800. For now expecting lower.”

Bitcoin

Image Courtesy of Mayne. Source: ETHUSD on TradingView.

Although Ethereum could slide lower in the near-term – as mused by the analyst – the next strong upswing seen by the crypto could mark the start of a move towards $800.

This would allow the crypto to erase its trend of underperforming Bitcoin and potentially see significantly higher highs in the months ahead.

Featured image from Unsplash.
Charts from TradingView.
Publication date: 
11/27/2020 - 22:00
Author: 
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