ETH posts bullish weekly close – Is the advantage really with the bulls?
ETH has been one of the strongest cryptocurrencies over the past few hours, as it has been able to rise significantly from its recent lows.
The bulls are currently aiming to bring it back to the mid-$400 since this is where it was able to set a yearly high before facing the huge amount of selling pressure that caused it to falter.
Analysts believe that ETH is poised to see some significant short-term price gains over the next few days and weeks, especially when it closes the weekly candle above $ 410.
ETH shows signs of strength
At the time of writing, ETH is trading up almost 6% at its current price of $ 425, marks a spike from the recent low of $ 379 set earlier this week.
ETH has outperformed Bitcoin significantly over the past few days, as King Coin is still trading sideways in the mid to high $ 11,000 area.
Whether ETH can climb higher over the next few days and weeks will largely depend on Bitcoin, as any rejection in the region above $ 11,000 could cause ETH to falter.
While talking about the short term outlook of ETH, analyst “Cactus” explains that a close above $ 410 will be extremely bullish and position it to increase significantly further in the short term.
“ETH HTF Update Daily and weekly closes are looking to be super strong; ETH is doing it for the culture, love to see it! See no reason to remain bearish with a weekly close above $410… Might run into some resistance around $430 but overall looking good here for HTF leg upwards.”
$ETH HTF Update
Daily and weekly closes are looking to be super strong, ETH is doing it for the culture, love to see it! See no reason to remain bearish with weekly close above $410…
Might run into some resistance around $430 but overall looking good here for HTF leg upwards. pic.twitter.com/RTu5iQFe4b
— Cactus (@TheCryptoCactus) August 30, 2020
You can see the ETH price here.
- The amount of Bitcoin on the Ethereum-based DeFi market has achieved $644 million
- Ethereum price has firmly surmounted $400 for first time in a few weeks, with buyers now attempting flip this level into support