- Ethereum is showing some immense signs of strength today as the entire crypto market plows higher, with Bitcoin leading the way
- BTC managed to set new all-time highs today when the price skyrocketed to $ 20,800. While it has found some selling pressure here, it hasn’t posted a harsh rejection
- Where the entire mid-term market trends should largely depend on BTC as it led the price action seen by ETH and other altcoins
- A prominent Ethereum proponent now notes that while the cryptocurrency is still trading well below its all-time high, its fundamental strength is far greater than it was in 2017.
- This means that the next meeting would make it possible to see serious momentum that may be in the shadow of that of recent years
Ethereum and the entire market are up higher today thanks to Bitcoin’s decisive break above USD 20,000.
This level has long proven to be a strong resistance level for the cryptocurrency. The pause above may open the gates for the crypto to look upside down significantly further.
This will no doubt create a tailwind for ETH, which could be further perpetuated by the fundamental strength that the cryptocurrency has built in recent times.
Ethereum recovers past significant resistance as the market goes parabolic
At the time of writing, Ethereum is trading just under 6% at the current price of $ 622. This is around the price the crypto has found serious resistance against in recent months.
The break above USD 620 is promising, but there is a possibility it will also face some resistance near USD 630 as it found serious selling pressure here earlier this morning.
Where the next trend unfolds will no doubt depend on Bitcoin, which has led the entire market of late.
ETH has never been stronger
He pointed to a chart he made in which he compared key ETH metrics with those at the moment in late November 2017.
ETH first hit $ 500 on Nov. 29, 2017 during the late stages of the last bull market. Recently ETH hit $ 500 again, so I decided to keep track of how a few different metrics have grown since Nov. 29, 2017. “
Image Courtesy of Anthony Sassano.
The next few days should shine a light on how powerful Ethereum’s response to Bitcoin’s ongoing meeting will be.
Featured image from Unsplash. Price data from TradingView.