Ethereum has skyrocketed in the last 24 hours as Bitcoin has been trying to consolidate after a 10% New Years rally. ETH is now up about 30% in the last 24 hours, to $ 985 each mint after many days of consolidation.
Ethereum traded as high as $ 1,005 minutes ago. ETH has pulled back somewhat as it has seemingly faced strong selling pressure amid that significant technical resistance.
The cryptocurrency is now strongly outperforming BTC. Where ETH is up about 28% in the last 24 hours, Bitcoin has only gained about 3%.
This trend is expected to continue as the focus returns to altcoins.
Ethereum just tapped $ 1,000
While Ethereum is facing initial resistance at USD 1,000, there could be clear skies for the cryptocurrency above that key level.
A crypto asset trader recently shared the tweet below. He claims that according to the order book data, there is little selling pressure for Ethereum above $ 1,000.
If this data is correct, it means that any strong move above USD 1,000 is likely to cause a big leg up.
There are thick sales walls for it $ ETH about $ 1000.
Moreover, there is nothing more. pic.twitter.com/h3HxqwqzZL
– Byzantine General (@ByzGeneral) January 3, 2021
Ethereum is expected to see some resistance in the USD 1,200-1,300 region, which is just below the all-time high for ETH’s price of USD 1,450.
Analysts are optimistic that this bullish price action in ETH will eventually trickle down to the rest of the altcoin market.
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Growing
Featured Image from Unsplash Chart from TradingView.com Price Tags: ethusd, ethbtc Ethereum Taps $1,000 Amid Massive 30% Rally