Despite the lackluster price action seen by Bitcoin over the past several days, Ethereum (ETH) has been able to climb back above its previous resistance level at $130 and find some decent buying pressure at this price region, which has come about after an extended period of trading sideways just above its key support level at $125.<\/p>\n
Analysts are now noting that the Ethereum bear market could be firmly in the past, although this may not mean that a massive rally is imminent.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down just over 1% at its current price<\/a> of $132, which marks a slight decline from its daily highs of $137 that were set at the peak of yesterday\u2019s rally.<\/p>\n This rally came about concurrently with the one seen by Bitcoin, which led BTC as high as $7,500 before it met significant resistance that led it to retrace nearly all of its gains.<\/p>\n Ethereum has been able to find better support amongst its buyers than Bitcoin has, as it has been able to hold on to the majority of the gains that were incurred during its latest uptrend, which allowed ETH to surge from lows of $126.<\/p>\n Dave the Wave, a popular cryptocurrency analyst on Twitter, explained in a tweet that Ethereum\u2019s recent price action may point to the possibility that the crypto\u2019s bear market is officially over, potentially meaning further upside is imminent in the new year.<\/p>\n \u201cFreebie from my alts page. And that ladies and gentlemen may have been the bottom in ETH. May it be a happy and prosperous new year,\u201d he explained while pointing to the chart seen below.<\/p><\/blockquote>\n Freebie from my alts page.<\/p>\n And that ladies and gentlemen may have been the bottom in ETH. May it be a happy and prosperous new year.\ud83e\udd73 pic.twitter.com\/TJZW4SNbLe<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) December 30, 2019<\/a><\/p><\/blockquote>\n\n