The global market meltdown has continued today, with the U.S. equities market plummeting as Bitcoin and most major altcoins also post some notable losses. This decline today led Ethereum to lows of $105, which is where it was able to find some support.
Analysts are now noting that there is a critical support region that Ethereum has established within the lower-$100 region, with a continued defense of this level being imperative for it to see further upside.
If bulls are able to guard against a dip below this level in the near-term, one prominent trader is noting that the crypto could soon rally up to highs of $180.
Ethereum Rebounds from Recent Lows as Traders Target Short-Term Upside
At the time of writing, Ethereum is trading down just under 10% at its of $113, which marks a notable decline from daily highs of over $130 that were set yesterday in tandem with Bitcoin’s climb to highs of nearly-$6,000.
At the bottom of today’s selloff, the cryptocurrency was able to find some notable support at $105, which appears to be a key near-term support level for ETH. Calmly, a popular cryptocurrency trader on Twitter, explained in a recent tweet that he believes Ethereum could see some near-term upside due to the strong support that has been established within the lower-$100 region.“Ethereum – Trying an ETH long here, mainly because I don’t think that stock market is collapsing today,” he explained, pointing to chart showing a near-term upside target of $135.
/ – Trying an long here, mainly because I don't think that stock market is collapsing today — Calmly | full-time trader (@im_calmly)
Could ETH Soon Rally to $180 in an Explosive Movement?
Calmly isn’t the only trader that believes Ethereum could be well positioned to see some further near-term upside.
Michaël van de Poppe, a well-respected cryptocurrency analyst and trader, recently explained that he believes a continued defense of the support that exists between $105 and $108 could lead it to rally as high as $180.“Let’s talk about Ethereum. Currently resting on a support level, below us we do have another level at $105-108. Breaking through $134.50 and the next targets are $154 and $170-180 region. Simple as it is,” he noted.
Let's talk about Ethereum. Currently resting on a support level, below us we do have another level at $105-108. Breaking through $134.50 and the next targets are $154 and $170-180 region. Simple as it is. — Michaël van de Poppe (@CryptoMichNL)
Although this potential bullishness could be invalidated by a further decline seen by Bitcoin, it does appear to be a strong possibility that Ethereum is on the cusp of posting a strong rebound that allows it to erase much of its recent losses.
Featured image from Shutterstock.
