Ethereum has shaken off the intense weakness it expressed throughout the day yesterday, with the cryptocurrency’s bulls now flexing immense signs of strength as its price pushes up towards the key resistance at $380.
Where the cryptocurrency trends in the near-term may depend largely on how it continues reacting to this crucial level.
If buyers are unable to shatter the selling pressure that exists here, it could see an influx of selling pressure that leads to another sharp selloff similar to the one seen yesterday.
This selloff caused the cryptocurrency’s price to plunge as low as $352 before it was able to find some strong support that slowed its descent and stopped it from seeing further losses.
Data now indicates that top traders on Binance are beginning to widely flip long on ETH, indicating that they are anticipating it to see further upside.
Ethereum rockets towards $380 as top Binance traders flip long
At the time of writing, Ethereum is trading up just over three percent at its current price of $378, which marks a notable climb from recent lows of $353 that were set during yesterday’s sharp decline.
This selloff came about independent from the aggregated market and indicated that the uptrend seen on Saturday, which led it up towards $390, was overheated.
The strong support at $350 was tapped twice before the crypto was able to rebound, ultimately rallying to highs of $385 before facing a rejection that sent its price down towards where it is currently trading at.
Analytics platform Coinalyze explained in a tweet from earlier today that top traders on Binance flipped long as soon as the crypto began surging higher this morning.
“Ethereum top traders on Binance, trend is long.”
Analyst: ETH’s market structure grows stronger following latest upswing
He specifically notes that the next region to watch closely is $400, with a break and flip above this level potentially fueling an even larger upside move.
“ETH / USD: Looking good on both LTF & HTF right now, see no reason why we cannot see price action head towards $400 as the next target and see if we can possibly flip it to support. Also $360 seems to be the key support level to hold now.”
The coming few days should shine a light on the longevity of this ongoing trend shift, as any further upside may invalidate the recent weakness Ethereum has seen.