Ethereum, second-largest crypto asset in market capital, enjoyed a strong weekend session that saw it rise almost 25% over the past two days. The ETH/BTC ratio also increased from 0.053 and 0.07, indicating that ETH outperforms BTC. The market capitalization stands at $183 billion and ETH’s dominance is currently at 18.21%.
At the time this article was written, ETH was trading for $1,504.
Chart for Ethereum (ETH).
After taking support at $860 (Low on 4th January 2021), ETH traded sideways between $1,000 and $1,275. Finally, the asset broke out above this range and rallied to $1630. ETH could face resistance at $1700 (Lows in the Double Bottom pattern). We may see profit booking or consolidation at these levels. It can rally to $1,950-$2,000 once it reaches and maintains above $1,000. $1,275 will be a strong support.
Support 2Support 1AssetResistance 1Resistance 2$1,000$1,275ETH$1,700$1,950
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