{"id":5723,"date":"2020-11-28T23:00:19","date_gmt":"2020-11-28T23:00:19","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=451024"},"modified":"2020-11-28T23:00:19","modified_gmt":"2020-11-28T23:00:19","slug":"ethereum-likely-set-its-local-low-for-the-year-as-buyers-defend-500","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-likely-set-its-local-low-for-the-year-as-buyers-defend-500\/","title":{"rendered":"Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500"},"content":{"rendered":"

Ethereum has been flashing signs of immense strength today, with the cryptocurrency surging up towards $550 as bulls try to erase the recent losses that came about due to the recent market-wide selloff.<\/p>\n

This comes as Bitcoin also shows some signs of strength, with the benchmark cryptocurrency<\/a> navigating towards $18,000 following its recent decline that sent it down to lows of $16,400.<\/p>\n

Bitcoin is firmly leading Ethereum and the rest of the market. The potent reaction that both assets have seen after tapping their local lows does seem to be a bull-favoring sign.<\/p>\n

One analyst is now noting that Ethereum is likely to see significantly further upside in the near-term, with its strength showing no signs of slowing down as bulls move to regain control of its trend.<\/p>\n

He believes that $500 will prove to be a long-term local bottom for the crypto and that it will only see upside from here heading into the end of the year.<\/p>\n

It is also possible that it will enter an accumulation phase between these lows and its current price level, which will bolster any uptrend in early-2021.<\/p>\n

Ethereum Shows Signs of Strength as Buyers Take Aim at $600<\/strong> <\/strong><\/h2>\n

At the time of writing, Ethereum is trading up just under 5% at its current price of $543. This marks a notable upswing from its recent lows of $490 set at the bottom of the recent selloff.<\/p>\n

The ardent defense of $500 by bulls indicates that this is a strong support level that may continue bolstering its price action for the weeks to come.<\/p>\n

So long as it consolidates above $500 and confirms this as a strong support level, there’s a strong possibility that it will see further upside.<\/p>\n

Analyst: ETH Likely to Rally Higher Throughout Rest of 2020<\/strong><\/h2>\n

While speaking about Ethereum’s potential outlook<\/a>, one trader explained<\/a> that he expects it to see some serious upside in the weeks leading up to the end of the year.<\/p>\n

He further added that he expects $500 to prove to be a long-term local low for the cryptocurrency that helps spark its next sustained uptrend.<\/p>\n

\n

“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.”<\/p>\n<\/blockquote>\n

\"Ethereum\"<\/p>\n

Image Courtesy of Cactus. Source: ETHUSD on TradingView<\/a>.<\/pre>\n
Ethereum’s near-term price action will likely depend largely on Bitcoin<\/a>, which does seem to favor bulls at the moment, with the benchmark cryptocurrency now pushing up towards $18,000.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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