- Ethereum is still in bearish control
- The coin just posted a sharp rebound
- The outlook remains unclear at press time
Ethereum news today – The price of Ethereum has posted a sharp drop from its recent lows at press time. The bulls and bears are still engaged in a heated fight for control over ETH’s mid-term movement. This price action is unclear at the moment because Ether is facing multiple firm selloffs in the last few days. Each dip is followed by a sharp rebound. ETH’s key point that the bulls have recently defended exists between the $325 and $330 area. It visited the lows earlier in the morning before posting a sharp rebound that caused back up to $345. Ethereum’s price action today is similar to what was seen yesterday. The rally from the current lows is slightly less intense than what came in the past.
Ethereum News Today – Ethereum Rebounds from Daily Lows
According to one analyst the ETH resistance that sits between the $370 and $380 area, is noting that failure to break above this price position would strike a huge blow to Ethereum’s macro outlook. Buyers and sellers have gotten to an impasse in the last couple of days. The recent price plunge from the highs of $490 to lows of $320 is still grim. However, since then onwards, ETH has not remained at these lows over an extended period, because every dip towards this position has been absorbed by buyers quickly. The power of the buying pressure at this position was highlighted earlier in the day. As of when this content was written, Ethereum is trading under 4%. Its current price stands at $340, marking a slight rise from the recent lows of $325 set earlier today.
ETH’s Position Remains Weak Until it Surpasses $370-380
Whether ETH/USD can push higher or not in the near-term will likely depend on the price action of Bitcoin. The price of BTC is currently hovering around its macro support position at $10,000. While talking about Ethereum’s near-term outlook, one cryptocurrency analyst cited that he believes the price of Ether remains technically weak. The coin will stay this way as long as it continues to trade below the high time frame resistance area between $370 and $380. The analyst gave this explanation while referencing the daily chart. Here is what he said:
“Unless ETH/USD moves above this price level it is nothing but a fake bounce before going lower. It is not touching anywhere until it reaches the previous lows or shows some form of strength. This drive has the biggest bullish momentum we have seen all day.”