Ethereum has seen a strong rebound from its recent lows today, with its ongoing upswing coming about in tandem with the immense technical strength seen by Bitcoin.
The aggregated cryptocurrency market is trending higher today, which is partially being driven by Bitcoin’s strong weekly candle close and the ongoing upswing seen in the stock market.
Despite Ethereum rebounding from daily lows of $350 that were set at the bottom of yesterday’s selloff, it is important to note that the crypto has yet to break above its key $380 resistance level.
One analyst is also noting that the slight weakness it saw towards the upper boundary of its cloud – which has seen been surmounted – is also a sign that the digital asset may be moving higher on tempered buying pressure.
That being said, if the market-wide strength seen today extends further and creates a tailwind for Ethereum, there’s a chance that it may be able to reclaim one crucial level that could spark its next intense uptrend.
Ethereum Shows Signs of Strength Following Dip to $350
At the time of writing, Ethereum is trading up just under 3% at its current price of $375. This marks a notable climb from its daily lows of $352 that were set at the bottom of yesterday’s intense selloff.
It appears that this selloff came about following a trend of one large buyer on Bitfinex using spoof orders to