{"id":108235,"date":"2021-01-13T00:47:17","date_gmt":"2021-01-13T00:47:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108235"},"modified":"2021-01-13T00:47:17","modified_gmt":"2021-01-13T00:47:17","slug":"ethereum-is-struggling-to-hold-this-crucial-level-following-recent-rebound","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-is-struggling-to-hold-this-crucial-level-following-recent-rebound\/","title":{"rendered":"Ethereum is Struggling to Hold This Crucial Level Following Recent Rebound"},"content":{"rendered":"<ul>\n<li>Ethereum has been closely tracking Bitcoin&rsquo;s price action throughout the past few days, which has caused it to bear witness to immense volatility<\/li>\n<li>The cryptocurrency&rsquo;s price rocketed up to highs of $1,400 last week before facing intense inflows of selling pressure that sent it to $900<\/li>\n<li>It has since recovered from this decline, and it now in the process of trying to flip $1,100 into a support level<\/li>\n<li>This has become a key level for the cryptocurrency, and it is now in the process of trying to rally above this level one again<\/li>\n<li>One trader explained in a recent tweet that flipping this level to support is vital for Ethereum to see any further upside in the mid-term<\/li>\n<\/ul>\n<p>Ethereum has seen some mixed price action throughout the past 24 hours, with the crypto reeling to lows of $900 before rebounding to $1,200, before once again facing a rejection and drifting lower.<\/p>\n<p>Bulls are now trying to flip $1,100 into support, as this level has proven to be vital for the crypto throughout the past couple of days.<\/p>\n<p>It remains unclear whether or not they will be successful, and one trader is noting that a bull case can be made for ETH so long as it holds above $1,012 in the day ahead.<\/p>\n<h2><strong>Ethereum Reclaims $1,100 as Bulls Target Further Upside<\/strong><\/h2>\n<p>At the time of writing, Ethereum is trading up just under 2% at its current price of $1,110, which marks a notable surge from its 24-hour lows of $900.<\/p>\n<p>The cryptocurrency is now trying to flip $1,100 into support, but the selling pressure here indicates that it may see further near-term downside.<\/p>\n<p>A firm break below this level will likely lead it to re-test its $1,000 support, but where it trends next will undoubtedly depend largely on Bitcoin.<\/p>\n<h2><strong>Trader: ETH Needs to Defend $1,000 for Bull Thesis to Remain Intact<\/strong><\/h2>\n<p>One trader noted in a recent tweet that the lower-$1,000 region is the key level to be watching in the near-term.<\/p>\n<p>He believes that a continued defense of this level could allow the entire market to see significantly further momentum in the days to come.<\/p>\n<blockquote>\n<p>&ldquo;ETH &ndash; Ethereum above $1,163 and my argument that the bottom is in is a lot stronger. Must hold $1,012 *if* retested as support for the argument to be valid as well. Overall, very bullish on Ethereum as I&rsquo;ve mentioned quite a bit.&rdquo;<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/01\/ErfNxc6WMAA_Z6V-860x632.png\"><\/p>\n<p>Image Courtesy of UB. Source: ETHUSD on TradingView.<\/p>\n<p>Bitcoin will undoubtedly shape Ethereum&rsquo;s short-term price action, making it vital that BTC continues finding stability in the mid-$30,000 region.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-is-struggling-to-hold-this-crucial-level-following-recent-rebound\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has been closely tracking Bitcoin&rsquo;s price<\/p>\n","protected":false},"author":3,"featured_media":108234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum is Struggling to Hold This Crucial Level Following Recent Rebound - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/ethereum-is-struggling-to-hold-this-crucial-level-following-recent-rebound\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum is Struggling to Hold This Crucial Level Following Recent Rebound - 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