- Ethereum has seen some massive momentum as of late that has allowed its price to rocket up towards $1,000
- The crypto is finally gaining some ground against Bitcoin after a prolonged period of underperformance
- Where ETH and other crypto assets trend next will undoubtedly depend largely, if not entirely, on BTC, as its ongoing consolidation above $30,000 is creating tailwinds for altcoins
- One trader is noting that ETH is now battling for control of a crucial level that has some serious historical significance
- He notes that a break above this level could end up being easy due to the immensely bullish nature of the market
Ethereum has been caught within a wildly bullish tailwind as of late, with buyers sending its price rocketing up towards $1,000 this morning.
This marked an end to a trend of severe underperformance against Bitcoin that has plagued the cryptocurrency for quite some time.
One trader is now noting that where the crypto trends next will undoubtedly depend at least partially on whether or not Bitcoin will continue rocketing higher or if it will pause and give altcoins a chance to gain some ground against it.
Ethereum Rockets as Bulls Take the Wheel
Ethereum has been surprisingly losing ground against Bitcoin throughout the past few weeks, with buyers unable to absorb a lot of the selling pressure it faces as investors rushed into BTC.
This trend shifted overnight, with ETH rallying from the $700 region to highs of nearly $1,000 before facing some immense selling pressure that sent it down to $900.
It has since rebounded off of these lows and is now on its way back up to the resistance it has in the upper-$900 region.
Analyst: ETH Reaches a “Key Level” as Uptrend Continues
One analyst recently pointed to $955 as a crucial historical level that the cryptocurrency needs to break above to see further upside.
The crypto is now trading exactly at this level, confirming that it is, in fact, a key resistance that needs to be broken above.
“ETH: Key level IMO. Who am I kidding though, probably just gets blown through because BTC showed us none of those old levels mean [anything] anyways.”
Image Courtesy of Chase_NL. Source: ETHUSD on TradingView.
Whether or not this level can be broken cleanly above and flipped to support should provide investors with some serious insights into where the market will trend next.
Featured image from Unsplash. Charts from TradingView.