Ethereum price positive reaction to one crucial support level made it could soon be launched up to highs of $ 500
Ethereum price has seen a sharp drop over the past few days causing it to drop below the $ 400 mark. Selling pressure drove this movement up overnight, but the bulls were able to reverse it. Moreover, ETH’s positive response to critical support could even soon be “kicked” up to a high of $ 500.
Ethereum price faced a lot of waves causing the price to drop below $ 400
Ethereum faced some fierce waves during the night that caused the price to drop below $ 400, placing it back within the long consolidation range it had been caught earlier. ETH may be positioned to see the further near-term upside, as bulls were able to stop it from breaking below a few key levels.
Whether these levels will continue to be held in the short term will likely be the deciding factor in where the price of the cryptocurrency is headed at the quick weekly close.
At press time, Ethereum is trading just under 2% up at its current price of $ 394. This marks a noticeable rally from the daily low of $ 380 that has been established at the bottom of the drop overnight.
The EQ at 374 needs to be support otherwise it’s going to get real ugly real fast for the entire crypto market.
I’m still optimistic though.$ETH pic.twitter.com/ZLOp3rXRgf
— Byzantine General (@ByzGeneral) August 21, 2020
Because this level was touched twice on the night before ETH rallied to current prices, this will likely remain a strong support zone in the future.
Analyst Byzantine General thinks the critical level he is watching during the decline is $ 374. The ardent defense of a visit to this level seems to bode well for its near-term outlook.
Analyst Teddy pointed to Ethereum’s strong response at $ 380, explaining that a sustained trade above this level could be enough to take it to $ 500.
He points to a potential trend line; it could soon be broken to justify this possibility. How the cryptocurrency trades closer to its weekly close will likely provide insight into whether the bulls are in control.
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