The Ethereum rebound movement is slowing down or as one analyst says it is “getting tired” with an analyst eyeing a move towards $520 so let’s find out more in the latest Ethereum price news.
Ethereum was climbing higher today alongside BTC and the rest of the market. The strength seen as of late comes as BTC puts distance between the recent lows and the current price levels which indicates that the bulls are in full control and will most likely form a “V-shaped” recovery which could allow for significantly further upside in the upcoming days and weeks.
Where will the entire market trend next will only depend on BTC but Ethereum’s price action could influence one of other altcoins. One trader thinks that the Ethereum rebound movement is getting tired which indicates that it will retreat lower before making rebounds again. Bitcoin was guiding the entire market higher in the past few days with ETH rallying up to the mid-$500 region which came on the heels of the intense correction that led the market to drop further.
The recovery from the lows favored the bulls as we can see that the market is caught in a crystal-clear bull market and that another upside will be imminent in the near-term. In a recent tweet, one trader stated that the recent rally of ETH could slow down and require another pullback to the $520 level before extending further. At the time of writing, ETH is trading up just over 2% with a current price of $550 which is where it was trading over the past few days and weeks and the selling pressure seen around the price region was quite significant.
Where will the rest of the market trend in the next few days and weeks depend on Bitcoin. although ETH could guide the altcoin market, it will take cues from the number one cryptocurrency. Right now, Bitcoin’s’ strength is lending itself to the bulls’ favor with chances of deleting all of the recent losses in the upcoming days and weeks ahead. One analyst is not optimistic that the ongoing ETH rally will last for too much longer and he contended that it will see a pullback to the $520 before it is able to recoup the momentum and rally past the resistance in the mid -$500 region:
“Think ETH is getting pretty tired now, seeing if I can squeeze out $550-555, happy with the 10% moves from spot and 6% from lev today. Will be looking for the reaction around $520 for clues on the next strong move.”
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