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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum May Soon See “Open Skies” and Surge Towards $800, Claims Analyst

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ethereum, much like Bitcoin and the rest of the crypto market, has seen significant buy-side pressure throughout the past couple of weeks that has allowed it to post some massive gains.

Its uptrend reached a boiling point last night when buyers sent its price rocketing up to highs of nearly $500 before it faced a massive influx of selling pressure that caused it to see one of the most intense price declines seen in ages.

This decline caused it to reel from $495 to lows of $440 on many trading platforms, marking an over 10% decline in a mere matter of minutes.

Where the cryptocurrency trends in the mid-term may depend largely on whether or not buyers can hold its price above $470, as the rebound from its lows has so far been a “V-shaped” recovery.

Any decline from here could invalidate the strength resulting from this pattern.

One trader offers a bullish outlook on the cryptocurrency, noting that he is closely watching for a break above $495 in the mid-term.

He says that past this level is open skies for the cryptocurrency and that it could soon see a move towards $800 if it posts a strong and sustained move above this level.

Ethereum Sees Sharp Selloff Alongside Aggregated Crypto Market

Yesterday, Ethereum, Bitcoin, and altcoins all saw a mass selloff in tandem after ETH rallied to highs of $495 and BTC tapped $18,600. It appears that this last leg up marked an overextension of the market-wide uptrend.

At the time of writing, ETH is trading down marginally at its current price of $473. This is around where it has been trading throughout the past few days.

If it can continue holding above this level, it could soon see some further momentum and incur a more sustainable push higher. A decline here, however, could put its firmly bullish market structure in jeopardy.

Why One Trader is Eyeing an ETH Move to $800

One trader believes that Ethereum could be on the cusp of seeing a move towards $800 in the near-term.

For this to take place, the crypto must firmly shatter the resistance that sits around $495.

“ETH is clearing a major resistance and there’s literally nothing after that until $800,” he said while pointing to the below chart.

Ethereum

Image Courtesy of @SmartContracter. Source: ETHUSD on TradingView.

Bitcoin is guiding Ethereum’s price action at the present moment, so where the crypto trends in the short-term should depend largely on BTC and its reaction to $18,000.

Featured image from Unsplash.
Charts from TradingView.
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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.

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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.

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