Earlier this week, Ethereum plunged as low as $310-315 as legacy markets tumbled, dragging crypto lower. The cryptocurrency has since undergone an extremely strong bounce, recovering 25% to the $389 level where ETH sits at now.
Analysts are eyeing $392 as a level for the cryptocurrency. One says that if that level is confirmed as support, it will give credence to the sentiment that Ethereum will push back above $400.
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Ethereum Needs to Cross This Level to Confirm More Upside
A leading cryptocurrency analyst thinks that if Ethereum crosses $392 in its ongoing recovery from the weekly lows, it will be primed to see even more upside.
He shared the chart below, which shows that $392 is a pivotal price level from an order book perspective. ETH crossing above that level and confirming it as support should trigger a move towards $441, the chart suggests:
“On $ETH $392 is key level, but I never fade v-shape reversals anyway. On a more macro scale I’m watching $441 as second drive retest at HVN ledge. ngl im bit sad that my $255 bids didn’t get filled.”
Chart of ETH's price action over the past few weeks with analysis by crypto trader "Adam" (@Abetrade on Twitter).
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Long-Term Fundamentals Remain Bullish
Ethereum’s fundamentals remain bullish despite what happens in