NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Analyst: $500 Likely Remains a Macro Bottom for Ethereum as Uptrend Falters

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Ethereum (ETH)

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

  • Ethereum has been closely tracking the price action seen by Bitcoin and other major altcoins, but it has been able to dodge seeing any intense decline overnight
  • Although it did plunge as low as $530, the cryptocurrency’s support at this level sparked a “V-shaped” recovery that allowed it to surge up towards the upper-$500 region
  • It has since found some resistance around this price region, which isn’t too surprising given the state of the overall market
  • One trader is closely watching for another leg down to the $500 region, noting that this will likely prove to be a long-term bottom for the cryptocurrency

Ethereum’s price action has been somewhat lackluster as of late, with the cryptocurrency closely tracking Bitcoin’s price action as of late.

This has exposed it to some serious downside over the past 24-hours, as the recent consolidation phase seen by BTC around $19,000 resulted in a bearish breakdown that sent BTC plunging to $17,700 while ETH hit lows of $530.

These lows for both cryptocurrencies proved to be short-lived, as ETH has since erased most of its losses while BTC was able to climb back above $18,000.

One analyst is still forecasting a decline towards $500, noting that this will likely prove to be a long-term floor for the cryptocurrency.

Ethereum Rebounds Following Overnight Selloff

At the time of writing, Ethereum is trading up just over 3% at its current price of $570. This is around where it has been trading throughout the past few days.

Overnight, its price declined as low as $528 before it found some immense buying pressure that sent it rocketing up towards the upper-$500 region.

The buying pressure here has slowed down as the cryptocurrency begins finding some resistance. Whether or not it can flip $600 into support should offer serious insights into its mid-term outlook.

Analyst Claims ETH Bottom is Nearing

One trader believes that Ethereum’s long-term price floor will likely be $500.

This level has held strong throughout all of the Bitcoin-induced selloffs, with bulls ardently buying any dip towards or below this level.

“ETH: $500 potential bottom,” the trader explained while pointing to the chart seen below.

Ethereum

Image Courtesy of il Capo of Crypto. Source: ETHUSD on TradingView.

If this level continues holding as a strong base of support, it could ultimately be what helps propel the cryptocurrency firmly into the $600 region.

Whether or not this level holds strong will likely depend mostly on Bitcoin, as any intense decline could create serious headwinds for Ethereum as well.

Featured image from Unsplash.
Charts from TradingView.
Tweet123Share196ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum vs. Bitcoin: ETH/BTC Ratio Climbs to Yearly Peak Amid Market Shift

Bitcoin, Ethereum Open Interest Are Sitting Close To ATH Levels, What Happened Last Time?

Over the last few weeks, both Bitcoin and Ethereum have seen an interesting wave of price action with high volatility....

Scott Matherson 12 hours ago
Ethereum Price Recovery Faces Test

Ethereum Price Recovery Faces Test – Will Resistance Stop the Rally?

Ethereum price started a fresh recovery wave above the $4,350 zone. ETH is now facing hurdles near $4,500 and might...

Aayush Jindal 17 hours ago

Ethereum Eyes $5,500 Amid Illiquid Supply Crunch And ETF Momentum

Following a rejection at $4,946 on August 24, Ethereum (ETH) is now trading in the low $4,000 level. However, some...

Ash Tiwari 17 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitmine Adds Another $65.3M In Ethereum – Details

Bitmine Adds Another $65.3M In Ethereum – Details

Sebastian Villafuerte 2 hours ago
ethereum koers, ethereum verwachting, eth koers, ethereum nieuws, ethereum daalt

ETH breakout of fakeout – duikt de Ethereum koers onder de $4500 in september?

Lars Diederiksen 9 hours ago
eth-detenus-dans-10-adresses-qui-derriere

60 % d’Ethereum concentré dans 10 adresses : qui se cache derrière ?

guillaumev 11 hours ago

Premium Sponsors

Press Releases

  • Bitget and Bitget Wallet Support Trading of Over 100...

    3 hours ago
  • Анализатор прогнозира, че BTC ще достигне 125 000 USD този месец

    Анализатор прогнозира, че BTC ще...

    6 hours ago
  • Un analist prezice că BTC va atinge 125.000 USD luna aceasta – presale-ul HYPER se apropie de 14 milioane USD pentru modernizarea Bitcoin-ului

    Un analist prezice că BTC va atinge 125.000 USD luna...

    7 hours ago
  • Top Altcoins

    Presale tiền điện tử hot nhất tháng 9: Top 4...

    8 hours ago
  • Pepenode.io

    PEPENODE là Alt Coin nên mua ngay bây giờ – Các...

    8 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.