Ethereum has seen a sharp rebound from its recent lows today, with bulls and bears remaining engaged in a heated battle for control over its mid-term trend.
This trend is somewhat unclear at the moment, as Ethereum has been facing multiple strong selloffs throughout the past few days, but each dip has been followed by a swift rebound.
The key level that bulls have been defending exists between $ 325 and $ 330. It did visit these lows earlier this morning before it was able to see a sharp rebound that led it back up to highs of $ 345.
The price action Ethereum has seen today is strikingly similar to that seen yesterday, although the rally from its lows has been slightly less intense.
One analyst is now setting his sights on the resistance that sits between $ 370 and $ 380, noting that an inability to break above this level would strike a lethal blow to ETH’s macro outlook.
Ethereum Rebounds from Daily Lows as Bulls and Bears Become Deadlocked
Ethereum’s buyers and sellers have reached an impasse throughout the past couple of days.
The crypto’s recent plunge from highs of $ 490 to lows of $ 320 was grim. In the time since, however, ETH has not sat at these lows for an extended period, as each dip towards this price region has been quickly absorbed by buyers.
The strength of the buying pressure at this level was highlighted earlier today.
At the time of writing, Ethereum is trading down just under 4% at its current price of $ 340, which marks a slight rise from its recent lows of $ 325 that were set earlier this morning.
Whether or not it can push higher in the near-term will depend on Bitcoin, which is currently hovering just around its macro support level at $ 10,000.
Analyst Claims ETH Remains Weak Until $ 370-380 is Surmounted
While speaking about its near-term outlook, one analyst explained that he believes Ethereum remains technically weak so long as it trades below its high time frame resistance between $ 370 and $ 380.
“Unless ETH powers above this level it’s nothing but another scam bounce before lower. Not touching anything until the lows are gone or ETH show strength LTF. This drive does have the highest bullish momentum we’ve seen all day,” he explained while referencing the chart seen below.
Image Courtesy of Cold Blooded Shiller. Chart via TradingView.
How Bitcoin continues reacting to $ 10,000 should provide Ethereum with some guidance in the days ahead.
Featured image from Unsplash. Charts and pricing data from TradingView.