Ethereum is Struggling to Hold This Crucial Level Following Recent Rebound

Ethereum is Struggling to Hold This Crucial Level Following Recent Rebound

  • Ethereum has been closely following the price movement of Bitcoin over the past few days, which has resulted in it being evidence of immense volatility
  • The cryptocurrency price soared to highs of $ 1,400 last week before facing strong selling pressure that pushed it to $ 900
  • It has since bounced back from that decline and is now trying to bring $ 1,100 to support levels
  • This has become a key level for the cryptocurrency, and attempts are currently being made to get one level above that level again
  • A trader recently stated in a tweet that flipping this level in support for Ethereum is vital to see further upward moves in the medium term

Ethereum has seen some mixed price movement over the past 24 hours, with crypto falling to lows of $ 900 before falling back to $ 1,200 before facing rejection again and drifting down.

Bulls are now looking to pour $ 1,100 into support as this level has proven critical to crypto in the past few days.

It remains unclear whether or not they will be successful, and one trader notes that a bull case can be made for ETH as long as it is above $ 1,012 the next day.

Ethereum is reclaiming $ 1,100 as Bulls keep pushing higher

At the time of writing, Ethereum is trading just under 2% at its current price of $ 1,110, a notable increase from its 24-hour lows of $ 900.

The cryptocurrency is now trying to put $ 1,100 in support, but the selling pressure here suggests there may be further downward moves in the short term.

A solid break below this level will likely result in the $ 1,000 support being retested, but where the next trends are will no doubt largely depend on Bitcoin.

Trader: ETH has to defend $ 1,000 to keep the bull thesis intact

A trader noted in a recent tweet that the $ 1,000 region is the most important level to watch in the short term.

He believes that continued defense at this level could give the market as a whole significantly more momentum in the coming days.

“ETH – Ethereum above USD 1,163 and my argument that the bottom is in is much stronger. Must contain $ 1.012 * if * retested for argument to be valid as well. Overall, very optimistic about Ethereum as I mentioned earlier. “

Image courtesy of UB. Source: ETHUSD on TradingView.

Bitcoin will no doubt affect the short-term price movement of Ethereum. Hence, it is important that BTC continues to find stability in the $ 30,000 region.

Featured image from Unsplash. TradingView charts.

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