Ethereum’s Bulls Have To Defend New Support Level For A Price Rally

Ethereum’s bulls have to defend a new support level in order for a strong price rally according to the charts that we are about to see more in today’s Ethereum news.

ETH is on the verge of seeing an explosive move higher in the next few days and it really comes as a surprise given the weakness seen across the entire market but the price was able to hold a few crucial levels. These crucial levels could act as a base for more growth in the upcoming days and weeks and could put control of the near-term trend into the hands of the bulls.
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One trader even said it is possible to see ETH move higher in the days ahead. But where will it trend next, depends on Bitcoin’s movements and the rest of the crypto market.

Ethereum was closely tracking Bitcoin’s price action as of late which caused it to see more drops when the BTC price also dropped to new lows of $17,700. The move lower by the main cryptocurrency created shockwaves that held heavy influence over the entire market with EHT dropping as low as $528 while the rest of the market saw some signs of intense weakness as well. ETH saw a V-shaped recovery as the crypto asset is looking technically stronger than BTC at the moment. One trader expects to see more growth in the near-term.

Ethereum’s bulls have to defend these key levels as the coin is trading up over 3.4% with a current price of $573 which is around the same price level that it was trading over the past few days and weeks. Where will it trend next could depend on the fact that BTC can continue increasing from its recent lows. The next key level for ETH sits at $580 which proved to be strong support over the past day or two so once broken above, the bulls will target $600. One trader explained in a tweet that he is expecting to see ETH shooting further in the near-term time frame. He pointed out the $550 level as a key base of support which the cryptocurrency is likely to grow upon over the weekend:

 “ETH / USD: Got the wick into the bids as expected from 2 days ago, now we are looking to head back up to the range higher and for bulls to defend $550 with some strength for this week.”

The upcoming days should provide more investors with serious insight into the long-term importance of the V-shaped recovery but if ETH goes lower, it could invalidate everything.