- Ethereum has been closely monitoring Bitcoin’s price action for the past few days, which is what triggered this bear witness an enormous volatility
- The cryptocurrency’s price skyrocketed to a maximum of $ 1,400 last week, before facing an intense influx of selling pressure that sent it to $ 900
- It has since rebounded from this decline and is now seeking to move USD 1,100 towards a support level
- This has become a key level for the cryptocurrency and it is now moving above this level again
- A trader explained in a recent tweet that reversing this level to support is essential for Ethereum to see further upside in the medium term.
Ethereum has seen some mixed price action over the past 24 hours, with crypto dropping to lows of $ 900 before bouncing back to $ 1,200, before facing another rejection and floating lower.
Bulls are now trying to turn USD 1,100 into support as this level has proven vital to the crypto in recent days.
It remains unclear whether or not they will be successful, and one trader notes that a bull case can be made for ETH as long as it is above $ 1,012 in the next day.
Ethereum is claiming back $ 1,100 as Bulls focus further upward
At the moment of writing, Ethereum is trading just under 2% at the current price of $ 1,110, representing a notable rise from the 24-hour low of $ 900.
The cryptocurrency is now trying to convert $ 1,100 into support, but the selling pressure here indicates that there is one more downside to see in the near term.
A solid break below this level will likely cause it to retest its USD 1,000 support, but where it sets the next trend will no doubt largely depend on Bitcoin.
Trader: ETH must defend $ 1,000 for Bull Thesis to remain intact
A trader commented in a recent tweet that the lower USD 1,000 region is the most important level to watch in the near term.
He believes an ongoing defense of this level could allow the entire market to see significant further momentum in the coming days.
“ETH – Ethereum above USD 1,163 and my bottom line argument is much stronger. Must contain $ 1,012 * if * retested as a support for the argument to be valid as well. Overall, very optimistic about Ethereum as I have said before. “
Image Courtesy of UB. Source: ETHUSD on TradingView.
Bitcoin will no doubt shape Ethereum’s short term price actionmaking it vital that BTC continues to find stability in the $ 30,000 region.
Featured image from Unsplash. Charts from TradingView.