Ethereum finally breaks the trend of underperformance against Bitcoin with the crypto’s breaking above the $700 price level which allowed it to gain some ground on the pair as we can see more today in our latest Ethereum news.
The strength seems to be growing as the cryptocurrency still has to face harsh rejection points around the recent highs despite Bitcoin’s blow-off to $28,500. Bitcoin’s current consolidation phase could turn out to be bullish for ETH and other altcoins. One trader even pointed out that the reaction to the key resistance level will make it break above and result in serious upsides.
BTC was rallying in isolation of the entire market over the past few weeks but the trend is starting to shift as the number one cryptocurrency is flashing signs of technical strength. Another trader explained in a tweet that he is eyeing a new move in the near-term with ETH/BTC pair reaching a crucial resistance level that is about to be surmounted. If it’s able to break or hold above this level, ETH could rip higher while BTC consolidates around $27,000.
At the time of writing, ETH is trading up marginally with a current price of $730 which is around the same level that it was trading over the past day. ETH was able to recover from the lower $700 regions set last night when the entire market sold off thanks to XRP which posted a new leg lower. It then recovered from the lows and continued gaining serious ground against BTC in the past few hours.
One trader explained that ETH will post a break above the key BTC resistance level which it was watching closely :
“ETH key test coming up here, bearish retest or last barrier before the moon shot? I’m currently long off the H4 block reaction. If ETHBTC can clear the 0.0275 level this should rip.”
Ethereum finally breaks the trend of underperformance against Bitcoin and it is now in the process of posting a strong close above it which could be a sign that the uptrend is getting started and will gain stronger ground against BTC. ETH started a fresh increase from the $70 zone against the US dollar with the price retesting the $745 level and being able to break above $750 still. ETH remained well bid above the $695 level and climbed back above $720 but now the price is trading above $720 and the 100 hourly simple moving average, as previously reported in our ETH news.