Ethereum (ETH) has seen a strong rebound from its current lows, with the continued rise of Bitcoin (BTC) along with the enormous technical power it has seen. The leading altcoin has increased by 3% in the last 24 hours, according to CoinMarketCap data. The cryptocurrency was trading at $ 376 at the time of writing.
The cryptocurrency market is in an upward trend today, partly due to Bitcoin’s strong weekly candlestick close and the continued rise seen in the stock market, according to analyst Cole Petersen. It is important to note that although Ethereum has recovered from the daily lows of $ 350 set at the bottom of yesterday’s sale, the cryptocurrency has yet to break above the $ 380 resistance level.
Analyst Crypto One points out that the slight weakness is also a sign that the digital asset may be getting higher on the moderate buying pressure. However, if the market-wide strength seen today expands further and creates wind for Ethereum, there is a chance to regain a significant level that could trigger the next intense uptrend.
Ethereum Shows Signs Of Power
Ethereum is trading up 3% at its current price of $ 375. This marks a notable rise from the daily low of $ 352 set at the bottom of yesterday’s intense selling. This sale appears to follow the trend of a large buyer on Bitfinex using fake orders to raise the asset price.
When these orders disappeared, the price of ETH led to the intense sales seen yesterday. Ethereum seems to have quickly entered the oversold zone yesterday, as crypto’s massive recovery points to an underlying strength. Over the next few days, the trend of Bitcoin and the stock market will have a serious impact on Ethereum’s price action.
Last week, Etheruem managed to climb as high as $ 390. At yesterday’s candle close, the bulls defended the 2019 high. There was an attempt to recover today as buyers moved towards $ 375. The bulls continued to defend the support at $ 364 yesterday. For this reason, analysts have stated that Ethereum is likely to close above $ 400 by the end of this week.
Last week, Etheruem managed to climb as high as $ 390. Looking ahead, the initial resistance level lies at $ 390. This is followed by the $ 400, $ 410 and $ 420 resistances. Additional resistances lie at the $ 438, $ 445 and $ 475 levels.