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Ethereum has shot higher over the past 24 hours as Bitcoin has tried to consolidate after a 10% New Year’s Day rally. ETH is now up around 30% in the past 24 hours, pushing to $985 per coin after many days of consolidation.
Ethereum traded as high as $1,005 minutes ago. ETH has pulled back slightly as it has seemingly encountered strong selling pressure at that key technical resistance.
The cryptocurrency is now strongly outperforming BTC. Where ETH is up around 28% in the past 24 hours, Bitcoin has only gained approximately 3%.
This trend is expected to continue as attention once again lands on altcoins.
Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment
Ethereum Just Tapped $1,000
While Ethereum is encountering some initial resistance at $1,000, there may be clear skies for the cryptocurrency above that key level.
One crypto-asset trader recently shared the tweet below. He claims that per the order book data, there is little selling pressure for Ethereum above $1,000.
Should this data be accurate, that means that any strong move above $1,000 is likely to trigger a large leg higher.
There are fat sell walls for $ETH around $1000.
Above that, there’s nothing anymore. pic.twitter.com/h3HxqwqzZL
— Byzantine General (@ByzGeneral) January 3, 2021
Ethereum is expected to see some resistance in the $1,200-1,300 region, which is just shy of the all-time high for ETH’s price of $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 Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: ethusd, ethbtc Ethereum Taps $1,000 Amid Massive 30% Rally
Image Credit: Refer to Source
Author: Refer to Source Nick Chong
It’s been quite the past few days for the Bitcoin price. After trading as low as $11,200 last week, the cryptocurrency has rocketed higher. BTC now trades for $12,940 as of this article’s writing, just shy of the $13,000 daily highs it reached just hours ago.
Source of BTC's price action over the past few days. Chart from TradingView.com
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Bitcoin Taps $13,000
Bitcoin just tapped $13,000 as buying pressure continues to erupt across the industry. Analysts think that Bitcoin is poised to squeeze higher despite already gaining almost 9% in the past day’s trading session.
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Analysts note that Bitcoin’s funding rates on leading futures markets are currently negative to barely positive. This suggests that the cryptocurrency has room to squeeze higher as there remain short holders.
“The other times that BTC tried to break $12k, funding and premium were positive. They are neutral/negative now. So yeah, this time is different.”
Image Courtesy of il Capo of Crypto. Source: BTCUSD on TradingView.
Fundamental trends are also bullish as the U.S. continues to push towards another fiscal stimulus bill. Analysts say that closure on this bill will push Bitcoin higher as it will mark a further injection of capital into the economy.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Just Tapped $13,000 as Buyers Continue to Rush In
Image Credit: Refer to Source
Author: Refer to Source Nick Chong
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