Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500

Ethereum has been flashing signs of immense strength today, with the cryptocurrency surging up towards $550 as bulls try to erase the recent losses that came about due to the recent market-wide selloff. This comes as Bitcoin also shows some signs of strength, with the benchmark cryptocurrency navigating towards $18,000 following its recent decline that sent it down to lows of $16,400.

One analyst is now noting that Ethereum is likely to see significantly further upside in the near-term, with its strength showing no signs of slowing down as bulls move to regain control of its trend. Ethereum’s near-term price action will likely depend largely on Bitcoin, which does seem to favor bulls at the moment, with the benchmark cryptocurrency now pushing up towards $18,000.

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