Ethereum hits rejection at key resistance, the new target is $420

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Ethereum hits rejection, and it happened after almost a week of Ethereum’s great performance and strong momentum a few days ago, during the last 24 hours, some downturns are noticed. Ethereum is tracking Bitcoin closely, and both faced a rejection up to their key resistance levels. The rejection caused to their technical outlook a small kick. 

How did happen that Ethereum hits rejection?

The past 12 hours were turbulent for Ethereum and Bitcoin because the aggregated crypto market has faced the disturbance. 
Technical analysts are describing the rejection as sever, but it could be followed by further upside.  Traders are expecting a move up towards $420 in the next several days, noting that it is just one key level Ethereum must first surmount.

Ethereum hits rejection
Image source Trading View

Ethereum hits rejection at $380 but the aggregated cryptocurrency market has faced some turbulence throughout the past 24 hours also. On Sunday, just a day before, bulls took the control of the market. They forced Ethereum and Bitcoin above the resistance levels. Previous resistance levels had been smothering bulls price action for a long time.

The resistance level for ETH was set at $380 which is close to the price at which ETH posted a rejection just a week ago. Bulls are strongly guarding this level but analysts have a contrary opinion. As they said, traders should think about $420 as a new resistance level. One of the analysts said that the ETH technical outlook continues strongly as well.

Ethereum hits rejection at $380 faced sellers who tried to control the market

On September, 13 ETH was trading lower by 7%, the price was $360. This is a drop from $390, marked as a new high for ETH but it lasted for a short time because the buyers were not able to support its momentum. 

As mentioned above, ETH is tracking BTC so the came happened to Bitcoin, which declined from highs of $10.600 to lows of $10.200 at the same time.

According to analysts, Etherum currently could easily be in a slightly insecure position. The near-term trend will be obvious in the next several hours. What traders have to look for is where the weekly candle will close to see the trend.

Analysts believe ETH continues to go even higher

Despite the current decline, as the Ethereum hits rejection some of the analysts strongly believe ETH will hit new high levels very soon. His opinion is based on fact that ETH is well-positioned to perform a new upside. He explained that new rejection was foreseen earlier and clearly obvious. Moreover, according to his words, if Bitcoin continues trading above $10.200 that could be a great chance for Ethereum to soar.

The next few hours are crucial for both Bitcoin and Ethereum. If both of them continue to decline their weekly candlesticks could close lower. That would be a bearish sign for this week starting today.

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