The Ethereum next target is set at $555 as it rocketed past $500 with the ongoing upswing coming in with investors pouring capital into altcoins while BTC pushed higher so let’s read more in today’s Ethereum news.

The momentum is not slowing down anytime soon so whether the bulls will be able to close the price above this level during tonight’s daily close or not, we will have to wait for some more insight into the mid-term outlook. The surge created tailwinds for other altcoins with many posting huge gains as the DeFi sector leading the charge higher. One trader targeted another 10% of the move higher towards $550 in the near-term for ETH.

eth/usd
Image Courtesy of Chase_NL. Source ETHUSD on TradingView.

Ethereum and the rest of the crypto market were caught in the throes of an intense bout of upwards momentum in the past few days and weeks. The selling pressure around $500 was quite strong and the momentum slowed instantly after crossing the level. With all that being said, Bitcoin’s present strength will scare away most sellers which could allow ETH to post higher timeframes above this level. One trader noted that a strong presence in this price region will help the asset lead up towards $555 in the near-term.

At the time of writing, Ethereum is trading up just over 7% with a current price of $504. This marks a huge breakout from the recent lows at $440 that was set earlier over the week when the entire market faced a strong selloff. From this point, ETH was caught in an intense uptrend which allowed it to see more immense momentum. Where will the aggregated market trend next in the near-term depend on BTC and its present strength as it marches to the $19,000 which is a good sign of what is upcoming.

eth chart
Chart of ETH’s price action over the past three years with analysis by crypto trader Chase_NL (@Chase_NL on Twitter).

While sharing his opinion on Ethereum’s technical outlook target, one trader believes that he is closely watching for another move towards $555 in the near-term. This will mark a 10% increase from the current price level which is reasonable considering the power and the strength that was seen on the market at the moment:

 “Time to sacrifice my 1R to the gods… that is if it doesn’t just break resistance right here. Quick pullback would be a beauty.”

The upcoming few days will provide some more insight into the near-term market trend so if ETH is able to maintain its strength, it could even push higher and will enter into a parabolic uptrend as the Ethereum next target.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]





Source link

Register at Binance