Ethereum clears recent losses as analysts move to $ 800 Next

• Ethereum and the entire cryptocurrency market are showing immense signs of strength today
• This happens when investors pour money into the market at a rapid pace, with Bitcoin rapidly approaching its all-time highs.
• This rebound comes in the wake of a strong selloff that took ETH to $ 490 and BTC to $ 16,400
• The next market trend will undoubtedly depend on Bitcoin’s continued reaction to the resistance found in the region in the mid $ 19,000.
• Any strong rejection here could cause the crypto to post some noticeable leaks, swallowing Ethereum as well
• That said, a trader is optimistic about ETH, expecting the cryptocurrency to see a strong push towards $ 800 in the near term.

Ethereum and the entire altcoin market are closely monitoring Bitcoin’s price action today, which greatly favors the bulls.

After a recent decline to lows of $ 490, ETH has seen a daily rally, surpassing $ 600 for the second time in the past week.

The latest break above this level was fleeting and allowed it to climb as high as $ 620. Where medium-term market trends will largely depend on the cryptocurrency’s continued reaction to resistance within its current price region.

A trader believes the next is $ 800, noting that a serious upside could be imminent in the days and weeks to come.

Ethereum shows signs of strength as the bulls break $ 600

At the time of writing, Ethereum is trading up just under 5% to its current price of $ 601, which marks a huge rise from its recent lows of $ 490 which was set late last week.

The strength observed in the time that has elapsed since these lows were set indicates that this is a full-fledged bull market and that further upside is likely imminent in the days and weeks to come.

Upcoming $ 800: The trader says the sky is now open for ETH

While sharing his thoughts on where Ethereum could evolve in the medium term, a trader explained which expects the cryptocurrency to see a rise towards $ 800 in the near term.

To justify this possibility, note that the break above $ 600 marked the final key resistance level before its bullish target.

“ETH looks so bullish on the weekly. Basically no resistance up to $ 800.”

Image Courtesy of Galaxy. Source: ETHUSD on TradingView.

As long as Bitcoin remains stable above $ 19,000, Ethereum’s current momentum will likely persist and allow the aggregate market to move significantly higher.

Featured image from Unsplash.
Charts from TradingView.