- Ethereum has been nearly tracking Bitcoin and the aggregated crypto market during the past few days
- This enabled it to gain some influential momentum beginning this week but has led it to see some striking downside during the past 24-hours
- BTC and ETH both sustained strong rejections beyond their crucial resistance areas, which has hit a small bump to their technical outlooks
- Experts now perceive that although this rejection seems gloomy, it may be accompanied by further upside
- One trader is specifically observing towards a move up towards $420 in the near-term, seeing that there is just one significant level Ethereum must first defeat
Ethereum and the aggregated cryptocurrency market have encountered some turbulence throughout the past 12 hours.
Yesterday, bulls were in firm control of the market, pushing Bitcoin and Ethereum past the resistance levels that suppressed their price action for an extended period.
For ETH, this resistance sat around $380, which is around the price at which it posted a strong rejection earlier this past week.
So long as bulls continue guarding against the cryptocurrency seeing any further downside, one analyst is noting that its technical outlook remains incredibly bright.
He even notes that there’s an impending move to $420
ETH faces refusal at $380 as sellers attemps to manage the Crypto Market
At the time of writing, Ethereum is trading down just under 7% at its current $360. This marks a notable decline from recent highs of $390 set overnight, with buyers unable to sustain its momentum.
This ongoing decline has come about in tandem with that seen by Bitcoin, which plunged from highs of $10,600 to lows of $10,200.
ETH does appear to be in a somewhat precarious near-term position, and where it trends leading up to its weekly candle close in the coming few hours should provide significant insight into its near-term trend.
EXPERTS: ETH stays confident to push higher in spite of continous decline
While discussing about its technical position, one analyst described that he believes Ethereum could be well-positioned to further upside.
He pointed out that this recent rejection was expected and that a continued phase of BTC trading above $10,200 could boost ETH higher.
“Perfect ETH local rejection at heatmap/volume spike. Let BTC keep up and we see 420$,” he said while pointing to the below chart.
The coming few hours are vital for Bitcoin and Ethereum, as a ongoing bout of weakness could take them to close their weekly candles on a low note, setting a bearish tone for the week ahead.