Bitcoin is fast marching ahead to touch its famous 2017 ATH, if not cross it. And by “fast”, it means really fast- the coin has risen by a whopping 33 percent in just a couple of weeks. Starting at $13,000, the coin continued to rise high and high up, successfully breaking major resistance areas enroute. However, the second biggest cryptocoin Ethereum (after Bitcoin) is also making waves with its latest upward trend.
When Bitcoin crossed $13k, the industry witnessed big whale clusters gathering up at that level. The whales began accumulating BTC in large numbers which transcended $13,00 into a huge support zone. The next support level was $13,500 and it gradually started rising to $14,000 and lately it is at $15,000. It’s to note here, Bitcoin crossed $15,000 in just two days after it reached the $14k mark. The crypto industry is expecting the coin would cross the $16k mark too shortly.
Added to Bitcoin, industry experts are also expecting a steady rally in Ethereum in the coming weeks. It’s true that ETH dropped to $380 last week but it again managed to rise up over $400. In fact, the coin reached high up to $470 on November 7, 2020. But, unfortunately, buyers had to encounter resistance at the upper limit of a surging price channel which spans over the past 2 months and immediately there was a price drop. Good thing is it was not a huge drop and ETH managed to get support at around $425. As of now, the coin has surged up again and is trending at $445. The coin shows high potential of a bullish market and experts are projecting a further rise in price.
The crypto industry is hopeful the bulls would be able to break the $445 limit – in that case, the next step of resistance lies at $462 and then at $475, $490 as well as $500. Experts are of the opinion the coin would not only break the resistance levels but also might shine brighter compared to Bitcoin in coming weeks.
Per the experts, there is not one but multiple reasons behind the rise of Ethereum in the coming weeks. One is certainly the announcement of the launch of much-awaited Ethereum 2.0 which is certainly a more improved version of the current Ethereum blockchain.
“A strong ETH rally is up the radar and for all the valid reasons. The upcoming launch of the Ethereum 2.0 has drawn immense market attention and investors in large numbers are looking forward to investing in the second and more advanced version of the platform. We are expecting a huge share of Bitcoin money would be diverted to Ethereum as the new 2.0 version approaches”, stated Sina Estavi, CEO of rising decentralized Bridge Oracle.
The other reason is, it has been historically observed an initial surge in BTC inspires a strong rise in the altcoin market. So, it won’t be exaggerating to expect the same with Ethereum, especially when the coin shows strong potential to break the resistance levels.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
Get the latest Crypto & Blockchain News in your inbox.
