Here’s the Key Level Ethereum Needs to Claim for Bulls to Take Control
- Ethereum has rebounded from its overnight lows, but it’s slightly underperforming the benchmark cryptocurrency at the moment
- Bitcoin is now plowing past $35,000, with bulls picking up steam as they look to reverse the recent downtrend
- There’s a strong possibility that the market’s next trend will depend largely on whether or not BTC can navigate towards $40,000 without seeing a strong rejection
- This could set the tone for where major altcoins like Ethereum trend as well, as they have generally been tracking Bitcoin’s overall price action as of late
- One trader is noting that Ethereum is showing some signs of strength at the moment, but he is also noting that $1,140 is a key level for it to close above
Ethereum has seen some mixed price action as of late, with buyers and sellers unable to grasp firm control over its trend as it trades within the lower-$1,000 region.
The selling pressure it has faced as of late has come about due to that seen by Bitcoin, which could mean that BTC’s ongoing uptrend will also lead ETH to extend its ongoing rebound.
One trader is noting that the key level to watch in the near-term sits at $1,140. A sustained bout of trading below here could be a grim sign for the cryptocurrency’s outlook.
Ethereum Rebounds as Bulls Take Control of Crypto Market
At the time of writing, Ethereum is trading up just over 2% at its current price of $1,075. This marks a notable surge from its recent lows of $990 set just a few days ago.
Where the market trends in the mid-term should depend largely on whether or not Bitcoin can break $35,000 and begin moving towards $40,000.
For ETH, flipping $1,100 will be vital for it to see continued momentum in the days ahead.
Analyst: ETH Must Flip $1,140 to Support for Bulls to Take Control
Ethereum isn’t out of the woods yet, as one analyst is noting that it still needs to clear one key level before it can see further upside.
He points to $1,140 as this key level, noting that where the crypto trends next will likely depend entirely on whether it can post a high time frame close above here.
“ETH: Breaking back down after the short term surge. Nice bounce at $980 and looking for this move back up. Want to see a close back above $1140 before I feel good about buying more for long term spot position.”
Image Courtesy of Josh Rager. Source: ETHUSD on TradingView.
The coming few days should offer investors better insight into where Ethereum and the entire market will trend in the weeks to come.
Featured image from Unsplash. Charts from TradingView.