Ethereum price gained 8% as the wider crypto market entered a relief rally, but traders caution that $2,850 needs to flip to support in the short-term.
) also responded positively to the rise in bullish sentiment as its price climbed 8.11% on the 24-hour chart to hit a daily high at $2,723.Here’s a look at what several analysts in the market are saying about the price action for Ethereum and where the top altcoin could be headed in the short term.Short-term analysis of Ether's price action was provided by crypto trader and pseudonymous Twitter user ‘CryptoAmsterdam’, whoETH/USDT 1-hour chart.
After noting the “nice 12% bounce” in the price of Ether “since the flip,” CryptoAmsterdam gave the warning that they “wouldn’t chase the green here.”“Will look for a potential short-term flip of bias if we get back under the lower time frame range high and break that little trendline.”Further insight into the state of Ether was offered by options trader and pseudonymous Twitter user ‘John Wick’, whoETH/USD 4-hour chart.
A final bit of analysis on key levels to keep an eye on moving forward was shared by crypto trader and pseudonymous Twitter user ‘TheCryptoCactus’, who posted the following chart outlining a key support and resistance zone, as well as an area of heavy accumulation.According to TheCryptoCactus, those that “longed the bottom” are in a good position for an “easy hedge” at these levels, but the trader cautioned that what is needed next is “to get a valid support/resistance flip of $2,850.
The overall cryptocurrency market cap now stands at $1.734 trillion and Bitcoin’s dominance rate is 41.5%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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