ETH Looks “Perfect” As Sellers Show Many Signs Of Exhaustion

ETH looks “perfect” since the sellers started showing signs of exhaustion and the coin along with the crypto market saw some tempered gains over the past few days. In today’s Ethereum price news, we are taking a closer look at the price analysis.

The selling pressure brought up thanks to the BTC’s recent break below $18,000 dissipated as the bulls took back control of the cryptocurrency. Where will ETH trend in mid-term depend on BTC as the benchmark cryptocurrency was in full control of the entire market. One trader noted that ETH is looking to see some major near-term upside and pointed to the technical structure and mounting momentum as one factor that seems to show that it could see some serious upside in the near-term.

Ethereum’s price action was quite lackluster as of late as the cryptocurrency was unable to see more momentum with the bulls struggling to take back control of the price action. This bout of trading came about due to Bitcoin’s inability to break above the all-time high with every move to this level resulting in the crypto seeing strong selloffs. One trader noted that ETH could be in a good position to see more near-term upside and claims that it has held a crucial high time frame support level by slowly approaching a key resistance.

At the time of writing, ETH is trading up marginally with a price of $555 marking a notable climb from the $535 low set a day ago. The selling pressure moved over the entire upper 0 region which was quite intense for ETH and was not able to break it until BTC can rally past ,000.
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BTC was controlling the market as of late and will continue controlling it in the foreseeable future. One trader even believes that ETH will be in a good position for a new push higher in the mid-term. He noted that it has been able to defend one key support level that doesn’t seem to show an upside is imminent:

 “ETH / USD: Looking perfect right now, retest of $535 for the third time and then moved higher to reclaim $550 support which is critical for LTF momentum. Hold and continuation next. Next level I am watching for is $577 to be S/R flipped.”