Analysts are now noting that there is a critical support region that Ethereum has established within the lower-$100 region, with a continued defense of this level being imperative for it to see further upside.
If bulls are able to guard against a dip below this level in the near-term, one prominent trader is noting that the crypto could soon rally up to highs of $180.
Ethereum Rebounds from Recent Lows as Traders Target Short-Term Upside
At the time of writing, Ethereum is trading down just under 10% at its current price of $113, which marks a notable decline from daily highs of over $130 that were set yesterday in tandem with Bitcoin’s climb to highs of nearly-$6,000.
At the bottom of today’s selloff, the cryptocurrency was able to find some notable support at $105, which appears to be a key near-term support level for ETH.
Calmly, a popular cryptocurrency trader on Twitter, explained in a recent tweet that he believes Ethereum could see some near-term upside due to the strong support that has been established within the lower-$100 region.
“Ethereum – Trying an ETH long here, mainly because I don’t think that stock market is collapsing today,” he explained, pointing to chart showing a near-term upside target of $135.
#Ethereum / $ETH – Trying an $ETH long here, mainly because I don’t think that stock market is collapsing today pic.twitter.com/yeuseJKxcR
— Calmly | full-time trader (@im_calmly) March 16, 2020
Could ETH Soon Rally to $180 in an Explosive Movement?
Calmly isn’t the only trader that believes Ethereum could be well positioned to see some further near-term upside.
Michaël van de Poppe, a well-respected cryptocurrency analyst and trader, recently explained that he believes a continued defense of the support that exists between $105 and $108 could lead it to rally as high as $180.
“Let’s talk about Ethereum. Currently resting on a support level, below us we do have another level at $105-108. Breaking through $134.50 and the next targets are $154 and $170-180 region. Simple as it is,” he noted.
Let’s talk about Ethereum.
Currently resting on a support level, below us we do have another level at $105-108.
Breaking through $134.50 and the next targets are $154 and $170-180 region.
Simple as it is. pic.twitter.com/PB5FFfbY5J
— Crypto Michaël (@CryptoMichNL) March 15, 2020
Although this potential bullishness could be invalidated by a further decline seen by Bitcoin, it does appear to be a strong possibility that Ethereum is on the cusp of posting a strong rebound that allows it to erase much of its recent losses.
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