As Ethereum (ETH) and Bitcoin (BTC) are heading towards their all-time highs, ETH, the largest altcoin, has surpassed the $ 500 level with continued rise.
If the bulls keep ETH above $ 500 for a few more days, it will also provide some insight into the medium-term outlook.
The selling pressure, which is seen around $ 500, slows down as soon as it passes this level, and it is slowly coming out of a very intense state. Bitcoin’s current strength is likely to scare sellers, which could allow ETH to stay above this level for a long time.
Ethereum Reveals Its Strength With $ 500 Break
Ethereum is trading at $ 508 as of writing. This marks a major rise from the last low of $ 440 seen earlier this week, when the entire market is facing strong selling pressure.
In the near term, the trend of the collective crypto money market will undoubtedly depend primarily on Bitcoin. As Bitcoin is heading towards the $ 19,000 level, its current strength is considered a positive sign going forward.
Sharing his thoughts on Ethereum’s technical outlook, a trader stated that ETH is closely watching a move towards $ 555 in the near term.
This shows an increase of about 10% from the current price level, and given the strength currently in the market, this level may seem quite reasonable.
The next few days will provide important information on the short-term trend of the collective cryptocurrency market. If ETH maintains its strength and can rise higher, the whole market could enter a full-fledged parabolic uptrend.