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By Erie Maxwell - January 3, 2021
Ethereum price just had a major breakout from a low of $768 to a high at $978 on Binance and seems to be targeting $1,000 in the short-term. The digital asset was trailing behind Bitcoin as the flagship cryptocurrency continued posting new all-time highs.
On the ETH/BTC chart, Ethereum is dominating and it’s up 18% which indicates the digital asset is ready to take over. The Eth2 deposit contract has received over 2.2 million Ethereum in total which are locked and worth more than $2 billion at current prices.
Long-term on-chain metrics indicate that Ethereum still has a lot of room to go up, especially considering its all-time high was above $1,400. Unlike Bitcoin, the rest of the altcoins have not posted new all-time highs just yet although Ethereum is the closest to achieving that feat.
On the weekly chart, Ethereum has clearly established a strong uptrend but hasn’t seen any major corrections just yet. As long as the bulls can hold the 12-EMA and the 26-EMA support levels, the uptrend will remain intact.
ETHUSD Chart By TradingView (Click image for larger view)
Even though Ethereum can definitely hit $1,000, investors must be extra watchful as Bitcoin also needs a significant pullback to remain in a healthy uptrend which will most likely affect Ethereum as well.
The most important chart for Ethereum is the ETH/BTC weekly chart. So far, this chart remains in a downtrend but Ethereum is making a comeback. Bulls need to push the digital asset above 0.033 BTC in order to establish an uptrend.
ETHBTC Chart By TradingView (Click image for larger view)
ETHBTC Chart By TradingView
However, the most significant resistance level to beat is 0.0355 BTC which would be a massive breakout of ETH/BTC that will indicate Ethereum is ready to get close to Bitcoin’s market capitalization again just like it happened at the beginning of 2018. Additionally, it would also be a clear sign that the altcoin season has started.
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DISCLAIMER
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Erie Maxwell and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
