The ETH buyers defend the $500 level while the coin likely set the local low for the year as we are reading more in our Ethereum latest news.
Ethereum was flashing some signs of immense strength today with the crypto asset surging up to the $550 level as the bulls tried to delete the recent losses which came about due to the recent market-wide selloff. The movement came as BTC showed some strength with the number one cryptocurrency navigating towards the $18,000 price range after the decline which sent it down to new lows of $16,400. Bitcoin is leading Ethereum as well as the rest of the market with a potent reaction that both assets were seen tapping local lows as a bull-favoring sign.
One analyst noted that ETH will likely see some important upside in the near-term with the strenght showing no signs of slowing down as the bulls started to regain control of the trend. He believes that the $500 level will prove as a long-term local bottom for the cryptocurrency and that it will see upsides from here that will head into the end of the year. It is also quite possible that ETH will enter an accumulation phase between the lows and the current price level which will bolster an uptrend in 2021.
At the time of writing, ETH was trading up just under 5% with a price of $543 which marks a notable upswing from the recent lows of $490 that were set at the recent selloff. The ETH buyers defended the $500 level which means that there’s a strong support level that could continue bolstering the price action for the next few weeks to come. So long as it consolidates above the $500 level, and confirms this as a strong support level, there’s a chance that ETH will see a further upside.
While speaking about Ethereum’s outlook, one trader explained that he expected to see even more upsides in the weeks that lead up to the end of the year. He added further that he expects the $500 level to be a long-term local low for the crypto asset that helps spark some uptrend again:
“ETH / USD: Weekly chart looking excellent right now, while $650 resistance was rejected pretty harshly, now strong support is being show at $500 buyers defending aggressively… LTF expecting accumulation at $500 and hopefully this is a local low for the rest of the year.”
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