- Ethereum has seen tremendous momentum lately, pushing the price up to $ 1,000
- Crypto is finally gaining some ground against Bitcoin after a long period of underperformance
- Where the trend of ETH and other crypto assets is next will undoubtedly depend largely, if not entirely, on BTC as the ongoing consolidation of more than $ 30,000 causes tailwind for altcoins
- One trader notes that ETH is now fighting for control of a crucial level that has serious historical significance
- He notes that a break above this level could easily become due to the immensely bullish nature of the market
Ethereum is trapped in one wild bullish tailwind since late, with buyers rocketing the price to $ 1,000 this morning.
This ended a trend of serious underperformance against Bitcoin that has plagued the cryptocurrency for quite some time.
A trader now notes that where the next crypto trends will undoubtedly depend at least in part on whether or not Bitcoin will continue to rise higher or whether it will pause and give altcoins a chance to gain ground against it.
Ethereum Rockets while Bulls take the wheel
Ethereum is surprisingly losing ground against Bitcoin in recent weeks, with buyers unable to handle much of the selling pressure they face as investors stormed into BTC.
This trend changed overnight, with the region’s ETH rallying from $ 700 to highs of nearly $ 1,000, before facing massive selling pressure that dropped it to $ 900.
It has since rebounded from these lows and is now moving towards the resistance it has in the upper USD 900 region.
Analyst: ETH is reaching a “key level” as the upward trend continues
An analyst recently pointed to $ 955 as a pivotal historical level that the cryptocurrency must break above to see further upward.
The crypto is now trading at exactly this level confirming that it is, in fact, a major resistance that must be broken above.
ETH: Key level IMO. Who am I kidding though, probably just blown away because BTC showed us none of those old levels are mean [anything] anyway. “
Image Courtesy of Chase_NL. Source: ETHUSD on TradingView.
Whether or not this level can be neatly broken up and flipped over to support should be bidding investors with some serious insights into where the market will be the next trend.
Featured image from Unsplash. Charts from TradingView.