One Key ETH level has to be flipped in order for a new Ethereum rally to come our way, as it was facing some intense consolidation over the past few days and weeks so let’s find out more in the latest ethereum news today.
The crypto’s price action did little to offer the investors more insight into where it could trend in the near-term as it was closely tracking Bitcoin’s price action which created its fate dependent on it. One trader now noted that a big move higher could be imminent but the possibility is promised upon it breaking one crucial level. He spoke about this key ETH level noting that it is set at $580. Ethereum and the entire crypto market were following Bitcoin’s move over the past few weeks which provided almost no insight into where they could trend next.
As such, the market near-term outlook will depend on the one of BTC which could prove to be grim if unable to find more upwards movement in the near-term. while sharing his thoughts on where ETH will go next, one analyst explained that the $580 level, Key ETH level has to be flipped for more intense momentum to be sparked in the days ahead.
At the time of writing, ETH is trading down at just over 1% with a current price of $552 which is around the same level that it was trading over the past day. The support was below the current price and was intense which made it claim the $560 level that will likely provide it with more support for it to grow upon. In the meantime, BTC’s price action will continue determining the fate of the smaller coins as well as of ETH. One analyst thinks that ETH will push higher if it is able to create a stronger base of support between $550 and $560 by noting that it could result in the crypto seeing another move up to the $580 level:
“ETH / USD: Even though $550 & $560 seems to be acting as support at the moment, which is important as they are both key levels we really need to find some momentum from buyers. Looking at the LTF chart, think buyers need to flip $580 back into support before being leverage long.”
The upcoming few hours could give us some more insight into Ethereum’s reaction to all of the aforementioned levels with more weakness coming in because of BTC.
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