Ethereum Erases Recent Losses as Analysts Eye Move to $800 Next

  • Ethereum and the entire crypto market are showing immense signs of strength today
  • This comes as investors pour money into the market at a rapid pace, with Bitcoin rapidly approaching its all-time highs
  • This rebound comes close on the heels of a sharp selloff that led ETH to $490 and BTC to $16,400
  • Where the market trends next will undoubtedly depend on Bitcoin’s continued reaction to the resistance sitting in the mid-$19,000 region
  • Any strong rejection here could cause the crypto to post some notable losses, sending Ethereum down as well
  • That said, one trader is bullish on ETH, forecasting that the cryptocurrency will see a strong push towards $800 in the near-term

Ethereum and the entire altcoin market are closely tracking Bitcoin’s price action today, which is greatly favoring bulls.

Following a recent decline to lows of $490, ETH has been rallying higher daily, with it now breaking above $600 for the second time in the past week.

The last break above this level was fleeting and only allowed it to climb as high as $620. Where the market trends in the mid-term will depend largely on the cryptocurrency’s continued reaction to the resistance within its current price region.

One trader believes that $800 is next, noting that serious upside could be imminent in the days and weeks ahead.

Ethereum Shows Signs of Strength as Bulls Shatter $600

At the time of writing, Ethereum is trading up just under 5% at its current price of $601, which marks a massive surge from its recent lows of $490 that were set late last week.

The strength seen in the time since these lows were set does indicate that this is a full-fledged bull market and that further upside is likely imminent in the days and weeks ahead.

$800 Imminent: Trader Claims It’s Now Open Skies for ETH

While sharing his thoughts on where Ethereum might trend in the mid-term, one trader explained that he expects the cryptocurrency to see a move up towards $800 in the near-term.

To justify this possibility, he notes that the break above $600 marked the final key resistance level before his upside target.

“ETH looking so bullish on the weekly. Basically no resistance until $800.”

Ethereum

Image Courtesy of Galaxy. Source: ETHUSD on TradingView.

So long as Bitcoin remains steady above $19,000, Ethereum’s current momentum will likely persist and allow the aggregated market to move significantly higher.

Featured image from Unsplash.
Charts from TradingView.
Publication date: 
11/30/2020 - 22:00
Author: 
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