June 19, 2021

Ethereum Bulls Defend Key Support as Market Retraces; What to Watch For

2 min read
  • Ethereum has been captured in a wild bout of turbulence these previous couple of days, mostly because of its recent breakout rally that permitted it to gain severe ground versus Bitcoin
  • The cryptocurrency has had the ability to flip the important $1,000 level into assistance, and bulls remain in the process of safeguarding it currently
  • It is crucial that bulls can continue defending this level in the near-term, as any dip listed below it could cause a wave of offering pressure
  • One expert spoke about this in a recent tweet, discussing that he believes the support at $1,000 and simply listed below it will be enough to catalyze further upside
  • He is targeting a move to the crypto’s range highs at $1,215

Ethereum and the entire cryptocurrency market has been captured within the throes of an effective growth throughout the previous few days.

ETH has actually been in the process of erasing its current trend of underperformance against Bitcoin, with bulls now vying for full control of the lower-$1,000 region.

The selling pressure here is rather considerable, but one expert thinks it could be poised to make a serious move higher as bulls continue guarding against a break listed below $1,000.

He is targeting a move to its range highs above $1,200.

Ethereum Struggles to Defend $1,000 as Market Stalls

At the time of writing, Ethereum is trading down just over 1% at its current rate of $1,030. This is around where it has been discovering major assistance throughout the previous few weeks.

The selling pressure it has actually faced above this cost has been intense and might continue obstructing its development in the short-term.

It does seem developing some strong support simply below its present rate, which might act as a base for it to grow on in the future.

Expert: ETH Holds Key Level as Buyers Take Aim at $1,200

Ethereum rallied past $1,200 during the peak of its movement the other day, which has actually become its variety high.

There’s a likelihood that this level will function as resistance, but a break above could result in ETH seeing enormous upwards momentum.

“Will punt a long if we sweep and reclaim,” one analyst stated while pointing to the below chart.

Ethereum

 Image Courtesy of Chase_NL. Source: ETHUSD on TradingView

It does appear that this level is holding strong as support, which might suggest that a move up past $1,200 impends for Ethereum in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.