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ETH Has To Claim Key Level So Bulls Are Able To Take Control

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ETH has to claim key level as it rebounded from the overnight lows so the bulls are able to take control of the cryptocurrency and take it to a new high. Ethereum is still slightly underperforming the number one cryptocurrency right now while BTC surges past $35,000 with the bulls picking up steam as well so let’s read more in today’s Ethereum news.

There’s a strong chance that the market trend will depend on whether or not BTC is able to navigate to $40,000 without seeing a strong rejection. This will set the tone for other altcoins like Ethereum as they are generally tracing Bitcoin’s overall price action as of late. Another trader is noting that ETH is showing signs of strength at the momentum but he noted that $1140 is a key level for it to be able and close above. ETH has seen some mixed price action as of late with the buyers and sellers being unable to grasp control over the trend as it trades in the lower $1000 region.

ethusd
Image Courtesy of Josh Rager. Source ETHUSD on TradingView.

The selling pressure that it faced as of late came about because of the one seen by BTC which could mean that BTC’s ongoing uptrend will lead ethereum to extend the ongoing rebound trend. One trader is also noting that the key level to watch out for Is set at $1140 with a sustained bout of trading below here could be dire for the outlook of the cryptocurrency. At the time of writing, ETH is trading up just 2% over the current price which marks a notable surge from the recent lows of $990 a few days ago. Where will the market trend next in the mid-term depend on whether or not BTC is able to break $35,000 and start moving past $40,000.

ETHusd
Source ETHUSD on TradingView.com

For ETH, flipping the $1100 level will be of strong importance for it to see more momentum in the days ahead. ETH has to claim a key level from here as one analyst noted before it is able to see a further upside. He pointed to the $1140 as the key level here will determine the next trend if it is able to post a high time frame close above:

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 “ETH: Breaking back down after the short term surge. Nice bounce at $980 and looking for this move back up. Want to see a close back above $1140 before I feel good about buying more for long term spot position.”

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