Ethereum could soon aim for $ 800 as the macro market structure strengthens

• Ethereum and the aggregate cryptocurrency market have seen immense volatility in recent times
• Yesterday, ETH fell to a low of $ 427 before finding strong support which slowed its decline and triggered a strong rebound
• The cryptocurrency has been trying to confirm $ 450 as a support level in recent days as this is a crucial level that needs to be held above for it to see further upside.
• The next market trend will largely depend on Bitcoin, as Ethereum is finally starting to move in tandem with the benchmark digital asset
• A trader is observing that over a macro time frame, he expects a move towards $ 800, making these micro fluctuations a mere noise when it comes to his long term outlook.

Ethereum has been closely following Bitcoin’s price action over the past few days, which marks a major shift from its previous trend of seeing price action stagnant as BTC has seen a rally.

ETH is now on track to hit Bitcoin gains, but to do so, it needs to establish $ 450 as a solid foundation of support.

A trader is expecting a macro move towards $ 800, noting that he expects a strong rally in the days and weeks to come.

Ethereum claims support of $ 450 as buyers regain control

At the time of writing, Ethereum is trading more than 4% higher at its current price of $ 453. This marks a serious climb from its recent lows of $ 427 which had been set a few hours ago.

These lows occurred due to the selling pressure that pushed Bitcoin from the average region of $ 15,000 to lows of $ 14,400. The headwinds created by this movement were insurmountable for altcoins.

Ethereum has since written off all these losses and looks even stronger than before.

ETH will likely rise towards $ 800 eventually, the analyst says

While sharing His thoughts on where Ethereum could be trending in the medium term, an analyst explained that it is increasing its holdings with plans to sell between $ 700 and $ 800.

“ETH: Added a big stack of ETH to the $ 442 support test. I am serious about not missing any big move up to $ 700 to $ 800. Looking for a break from the previous range above. I will play this level for level with stops below my voice, “he said.

Image Courtesy of Josh Rager. Source: ETHUSD on TradingView.

As long as Bitcoin remains stable and Ethereum can hold above $ 450 before the close of its weekly candle, there is a strong possibility that it will soon see a significant upside.

Featured image from Unsplash.
Charts from TradingView.