ETH Surges Past $1000. What Factors Are Supporting This Rally?
Bitcoin‘s remarkable rise was eventually reflected in altcoins. Today, Ethereum (ETH) price has gained strong momentum, surpassing $ 1000. Is a new ATH approaching? What levels are next for the leading altcoin?
The first gift of 2021 came from Bitcoin. The leading cryptocurrency skyrocketed to $ 34,000 in the first minutes of the new year and then consolidated nearly $ 32,000. Soon, right after Bitcoin, the second gift of the new year came from altcoins. Ethereum has also joined Bitcoin’s accelerating rise. On January 3, the leading altcoin Ethereum revived the cryptocurrency community, surpassing the $ 800 and then $ 900 levels. Today, however, earlier in the day, ETH broke the key resistance level at over $ 1000. Josh Rager, one of the leading names in the cryptocurrency community, drew attention to the rapid rise of Ethereum.
$ETH is on a mission to hit all-time highs this week
Pretty amazing that Ethereum has doubled in price over the past two weeks pic.twitter.com/NCXl9vevAs
— Josh Rager 📈 (@Josh_Rager) January 4, 2021
Ethereum price reached the $ 1000 level for the first time since 2018. Thanks to this momentous event, the currency suddenly caught all the attention. At the time of writing, Ethereum (ETH) is trading around $916, according to CoinMarketCap data.
The Key Factors Supporting the Ethereum Rally
Two key factors support the current ETH rally and could drive the price up further. The first is the market structure of the second-largest crypto by market cap and the ETH 2.0 update. The second important factor is that CME has recently launched the Ethereum futures market. The Chicago Mercantile Exchange (CME) Ethereum futures market is expected to begin in February 2021. Ethereum futures will be listed on February 8, more than three years after the release of Bitcoin futures.
Analyst Comments on Ethereum’s Current Rally
Expert analyst Aayush Jindal commented on Ethereum’s current rally. The Ethereum price is trading in a strong uptrend, according to the analyst. The bulls are watching a clear break above the $ 1,050 and $ 1,080 levels, and if they succeed, the next big step could be the $ 1,200 level or $ 1,238 level. If Ethereum fails and starts a negative correction, the initial negative support could be near the $ 950 level. The next major support is near the $ 920 mark. If more losses occur, the $ 750 level can be tested.
At the same time, prominent economist Alex Krüger shared a tweet stating that Ethereum is taking back a three-month drop against Bitcoin in one day.
Ethereum undid a three month slide against bitcoin … in one day. pic.twitter.com/3HROibA0s7
— Alex Krüger (@krugermacro) January 4, 2021
Ever since Bitcoin broke the record to reach $ 20K, Ether has been performing sluggish compared to BTC. But now, high peaks in technical analysis point to strong momentum for ETH. Strengthening ETH on the daily chart could increase the demand for Ether among traders.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.