Ethereum exploded at the same rate as Bitcoin in early November and has now increased the altcoin’s recovery to over $ 600. The level is the last major resistance zone before an all-time high retest is due. Here is the level to watch out for, where a reversal might occur or if it is too late and the cryptocurrency will just move on from here.
Ethereum brings out $ 600, all-time high with one more leg possible
Bitcoin price, hitting prices near $ 20,000, has again redirected incoming capital towards altcoins. Ethereum had faked signs of weakness but instead built enough under-the-radar power to deliver a similarly large boost as Bitcoin.
Since Ethereum is the most robust network in the rest of the world and ranks second in rank, it is the first logical coin next to BTC into which money is put.
Related reading | Analyst: Ethereum and Litecoin predict one final crash against Bitcoin
And that’s exactly what investors do. Ethereum and other major altcoins are seeing bigger gains than Bitcoin itself.
The top-ranked altcoin clears $600 today following Bitcoin bullish breakout | Source: ETHUSD on TradingView.com
The ongoing rally in the crypto market has pushed Ethereum past the crucial $ 600 mark starting this morning. The level is the first in a series of four weekly resistance zones.
However, the altcoin has spent very little time trading around these prices, and similar to what Bitcoin recently demonstrated, they may not pose a huge threat to the current upward momentum.
Price action is rapidly approaching all-time highs, with very little price action above current levels | Source: ETHUSD on TradingView.com
At this rate, and given the sudden resurgence in interest in the cryptocurrency market, a retest of the all-time highs for Bitcoin and Ethereum could very well come sooner rather than later.
Related reading | Why Bitcoin Dominance suggests Alt Season is still many months away
Things are undoubtedly overheating, but the conditions are unique in the fact that the dollar is collapsing and hard assets like crypto are particularly bullish in such situations.
How far will this one Ethereum rally go?
Featured image from Deposit Photos, Charts from TradingView.com