{"id":5860,"date":"2020-12-09T23:00:58","date_gmt":"2020-12-09T23:00:58","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=451924"},"modified":"2020-12-09T23:00:58","modified_gmt":"2020-12-09T23:00:58","slug":"analyst-500-likely-remains-a-macro-bottom-for-ethereum-as-uptrend-falters","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-500-likely-remains-a-macro-bottom-for-ethereum-as-uptrend-falters\/","title":{"rendered":"Analyst: $500 Likely Remains a Macro Bottom for Ethereum as Uptrend Falters"},"content":{"rendered":"<ul>\n<li>Ethereum has been closely tracking the price action seen by Bitcoin and other major altcoins, but it has been able to dodge seeing any intense decline overnight<\/li>\n<li>Although it did plunge as low as $530, the cryptocurrency&rsquo;s support at this level sparked a &ldquo;V-shaped&rdquo; recovery that allowed it to surge up towards the upper-$500 region<\/li>\n<li>It has since found some resistance around this price region, which isn&rsquo;t too surprising given the state of the overall market<\/li>\n<li>One trader is closely watching for another leg down to the $500 region, noting that this will likely prove to be a long-term bottom for the cryptocurrency<\/li>\n<\/ul>\n<p>Ethereum&rsquo;s <a href=\"https:\/\/www.newsbtc.com\/analysis\/link\/chainlink-could-soon-rocket-towards-16-50-as-bulls-stay-in-control\/\">price action<\/a> has been somewhat lackluster as of late, with the cryptocurrency closely tracking Bitcoin&rsquo;s price action as of late.<\/p>\n<p>This has exposed it to some serious downside over the past 24-hours, as the recent consolidation phase seen by BTC around $19,000 resulted in a bearish breakdown that sent BTC plunging to $17,700 while ETH hit lows of $530.<\/p>\n<p>These lows for both cryptocurrencies proved to be short-lived, as ETH has since erased most of its losses while BTC was able to climb back above $18,000.<\/p>\n<p>One analyst is still forecasting a decline towards $500, noting that this will likely prove to be a long-term floor for the cryptocurrency.<\/p>\n<h2><strong>Ethereum Rebounds Following Overnight Selloff<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/www.newsbtc.com\/courses\/introduction-to-cryptocurrency-trading\/lessons\/what-is-cryptocurrency-trading\/topic\/cryptocurrency-exchanges-and-trading-platforms-explained\/\">Ethereum<\/a> is trading up just over 3% at its current price of $570. This is around where it has been trading throughout the past few days.<\/p>\n<p>Overnight, its price declined as low as $528 before it found some immense buying pressure that sent it rocketing up towards the upper-$500 region.<\/p>\n<p>The buying pressure here has slowed down as the cryptocurrency begins finding some resistance. Whether or not it can flip $600 into support should offer serious insights into its mid-term outlook.<\/p>\n<h2><strong>Analyst Claims ETH Bottom is Nearing<\/strong><\/h2>\n<p>One trader <a href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1336641591193333760\">believes<\/a> that Ethereum&rsquo;s long-term price floor will likely be $500.<\/p>\n<p>This level has held strong throughout all of the Bitcoin-induced selloffs, with bulls ardently buying any dip towards or below this level.<\/p>\n<blockquote>\n<p>&ldquo;ETH: $500 potential bottom,&rdquo; the trader explained while pointing to the chart seen below.<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" loading=\"lazy\" width=\"860\" height=\"370\" class=\"aligncenter size-large wp-image-451925\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/Eoy0YK9XIAABnOt-860x370.jpg\" alt=\"Ethereum\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/Eoy0YK9XIAABnOt-860x370.jpg 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/Eoy0YK9XIAABnOt-460x198.jpg 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/Eoy0YK9XIAABnOt-768x330.jpg 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/Eoy0YK9XIAABnOt-750x323.jpg 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/Eoy0YK9XIAABnOt-1140x490.jpg 1140w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/Eoy0YK9XIAABnOt.jpg 1200w\" sizes=\"(max-width: 860px) 100vw, 860px\"\/><\/p>\n<pre>Image Courtesy of il Capo of Crypto. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\">ETHUSD on TradingView<\/a>.<\/pre>\n<p>If this level continues holding as a strong base of support, it could ultimately be what helps propel the cryptocurrency firmly into the $600 region.<\/p>\n<p>Whether or not this level holds strong will likely depend mostly on <a href=\"https:\/\/www.newsbtc.com\/courses\/introduction-to-cryptocurrency-trading\/lessons\/ways-to-trade-cryptocurrencies\/topic\/most-common-types-of-cryptocurrency-derivatives\/\">Bitcoin<\/a>, as any intense decline could create serious headwinds for Ethereum as well.<\/p>\n<pre>Featured image from Unsplash.\nCharts from <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\">TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has been closely tracking the price action seen by Bitcoin and other major altcoins, but it has been able to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[283,109,111,113],"class_list":["post-5860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-eth","tag-ethbtc","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5860"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5860"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5861"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}