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Ethereum has exploded higher since the daily lows, rocketing from the $515-520 region to highs close to $580. The : Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Ethereum Set to Erupt Higher, Analyst Says

Analysts think that Ethereum is set to explode even higher as it breaks out of a macro range and past macro resistances for the first time since 2018. Referencing the chart below, which depicts this breakout and ETH’s macro price action, a trader recently said:

$ETH / USD This is such a f**king bullish daily close, if the weekly closes up here (which I think it will), next resistance is $750… How can you not be bullish right now when quarter of a million ETH is locked up for more than a year…

Chart of ETH's price action over the past few years with an analysis by the crypto trader The Crypto Cactus (@TheCryptoCactus on Twitter).
Source; ETHUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Selling Pressure Ahead

While Ethereum’s long-term outlook is starting to look much better than it did just weeks ago,

A trader recently shared the chart seen below, which shows the order books across top exchanges for Ethereum. Apparently, there is a lot of selling pressure facing down the

“Serious market buying going on, but the ask side is stacked. I don’t expect us to break 600 today,” the analyst said in reference to the data seen below.

Image

Data of ETH's order books from crypto trader Byzantine General (Byzgen on Twitter).

Simultaneously, though, analysts are seeing strong price action on the spot market for Ethereum.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Analysts Think Ethereum Will Shoot Toward $700 as Key Resistances Break

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