Ethereum has risen in the past 24 hours as Bitcoin tried to consolidate after a 10% New Years rally. ETH is up around 30% in the past 24 hours, rising to $ 985 per coin after many days of consolidation.
Ethereum was trading 1,005 minutes ago. ETH pulled back slightly as it appeared to have encountered strong selling pressure on this important technical resistance.
The cryptocurrency now clearly outperforms BTC. While ETH has increased by around 28% in the last 24 hours, Bitcoin has only gained around 3%.
This trend is expected to continue as attention returns to altcoins.
Related Reading: Wall Street Veteran Kickstart’s Own Bitcoin Fund with a $ 25M investment
Ethereum just won $ 1,000
While Ethereum faces initial resistance at $ 1,000, the cryptocurrency may have clear skies above this key level.
A crypto asset trader recently shared the following tweet. He claims that there is little selling pressure above $ 1,000 for Ethereum based on order book data.
If this data is correct, it means that a sharp move above $ 1,000 is likely to trigger a big leg higher.
There are bold sales walls for $ ETH around $ 1000.
There is nothing more about that. pic.twitter.com/h3HxqwqzZL
– Byzantine General (@ByzGeneral) January 3, 2021
Some resistance is expected for Ethereum in the $ 1,200-1,300 region, which is just below the all-time high for the price of ETH of $ 1,450.
Analysts are optimistic that this bullish price movement in ETH will spill over to the rest of the altcoin market at some point.
Related Topics: 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 on a massive 30% rally