The Ethereum bulls continue to defend the $ 500 price threshold

Ethereum bulls continue to defend the $ 500 price threshold - Ethereum up 1024x538Ethereum has shown immense strength this week, with the cryptocurrency staying above $ 500 as the bulls struggled to recoup the recent losses that have occurred due to an overall market selloff.

Ethereum follows Bitcoin

Ethereum's performance was possible as Bitcoin also showed some signs of strength over the same period (here the quotation in real time), navigating towards $ 18.000 following its recent decline which led to lows of $ 16.400. Bitcoin is firmly ahead of Ethereum and the rest of the market.

The powerful reaction that both assets saw after hitting local lows appears to be a favorable sign for the bull market. According to a common current of thought among analysts, Ethereum is likely to see a significant further upside in the near term, with its price growth showing no signs of slowing as bulls move to regain control of that trend.

The idea behind it is that $ 500 will prove to be a long-term local low for the cryptocurrency, which will only see an upside between now and the end of the year. It is also possible that it enters an accumulation phase by pausing the price between this low and its current value, and this will reinforce any upward trend in early 2021.

Ethereum is showing signs of strength as the bulls are targeting $ 600

At the time of writing, Ethereum is trading just under 4% up from its current price of $ 538. This marks a significant increase from its recent lows of $ 490 set during the recent selloff.

The bulls' strong defense of the $ 500 threshold indicates that this is a strong support level that could continue to strengthen its price action for the weeks to come. As long as it consolidates above $ 500 and confirms this as a strong support level, there is a serious possibility that Ethereum will see further upside.

ETH will likely increase for the rest of 2020

While talking about the potential prospects of Ethereum, an Ethereum trader known to the community on Twitter as Cactus explained that he expects to see some significant upside in the weeks leading up to the end of the year.

He further added that he expects $ 500 to be a long-term local low for the cryptocurrency which will help trigger its next sustained uptrend. “ETH / USD: The weekly chart looks excellent right now.

Although the resistance at $ 650 has been pushed back quite hard, strong support is now being shown from the bulls at the $ 500 threshold which is being aggressively defended ... LTF expects a build to $ 500 and hopefully this is a local low for the rest of the year.

Ethereum's short-term price action will likely largely hinge on Bitcoin, which appears to be favoring the bulls at the moment, with the benchmark cryptocurrency now pushing $ 18.000.