• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Ethereum Approaches Key Resistance; Break Above Could Spark Move to $650

Cole Petersen by Cole Petersen
2 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read
Advertisement

Ethereum has seen a strong rebound from its recent lows today, with its ongoing upswing coming about in tandem with the immense technical strength seen by Bitcoin.

The aggregated cryptocurrency market is trending higher today, which is partially being driven by Bitcoin’s strong weekly candle close and the ongoing upswing seen in the stock market.

Despite Ethereum rebounding from daily lows of $350 that were set at the bottom of yesterday’s selloff, it is important to note that the crypto has yet to break above its key $380 resistance level.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

One analyst is also noting that the slight weakness it saw towards the upper boundary of its cloud – which has seen been surmounted – is also a sign that the digital asset may be moving higher on tempered buying pressure.

That being said, if the market-wide strength seen today extends further and creates a tailwind for Ethereum, there’s a chance that it may be able to reclaim one crucial level that could spark its next intense uptrend.

Ethereum Shows Signs of Strength Following Dip to $350

At the time of writing, Ethereum is trading up just under 3% at its current price of $375. This marks a notable climb from its daily lows of $352 that were set at the bottom of yesterday’s intense selloff.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

It appears that this selloff came about following a trend of one large buyer on Bitfinex using spoof orders to lead the assets price higher.

Once these orders disappeared, ETH’s price had the rug pulled out from underneath it, leading to the intense selloff seen yesterday.

It does appear that Ethereum rapidly entered oversold territory yesterday, as the crypto’s intense rebound points to some underlying strength.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

That being said, the asset has yet to break above $380 and was showing some signs of weakness at the upper boundary of its cloud formation.

Whether or not it can hold above its cloud at $365 and break $380 will likely determine where it trends in the near-term.

This Key Level Could Spark a Move Up Towards $650

While speaking about the cryptocurrency’s current outlook, one analyst observed that ETH is on the cusp of breaking above a crucial resistance level that sits just below $400.

The chart he offers – as seen below – seems to indicate that a firm break above this level could lead Ethereum to rally up towards $650.

“Marked bull market resistances of ETH for yall,” he noted.

Ethereum

Image Courtesy of CryptoBirb. Chart via TradingView.

Where Bitcoin and the stock market trend throughout the coming few days should hold serious influence over Ethereum’s price action.

Featured image from Unsplash.
Charts from TradingView.
Tags: ethbtcethusdETHUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

6 hours ago
Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

8 hours ago
Ethereum Price

Ethereum Sees Setback After Breaking $2k, But Price Likely to Maintain Upward Trajectory

11 hours ago
TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run

TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run

15 hours ago
Cardano

Cardano Price Sits Pretty At $0.5, Why A Breakout Is On The Horizon

1 day ago
TA – Harmony (ONE) Price Shows Bullish Signs – Eyes $0.04

TA – Harmony (ONE) Price Shows Bullish Signs – Eyes $0.04

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Earn Rewards From Quilvius Using Bitcoin

August 13, 2022

Gnox (GNOX), Sandbox (SAND) and Decentraland (MANA): The Most Promising Investments in 2022

August 13, 2022

Here’s What Arab Investors Are Buying Right Now! Uniglo (GLO), Fantom (FTM), Bitcoin (BTC) And Spookyswap (BOO)

August 13, 2022

LBank Exchange Will List RedEyesMovement (REM) on August 15, 2022

August 13, 2022

As Nearly 75% of Retailers Plan to Accept Crypto, Watch Out for Dogecoin and HachiFi

August 13, 2022

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 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.