With a recent ups and up to 8% its price is approaching a key resistance of USD 400
It is well known that Ethereum is the first beneficiary every time Bitcoin recovers. It is common during rising cycles, even in short-term trends, for both cryptocurrencies to have similar behavior by altering the front between them.
Over the past two weeks, traders focused on the favorable technical structure of Bitcoin. Cryptocurrency trader Cantering Clark said:
“Context not only includes the structure of the market, it also includes any type of underlying growth engine that may be at stake. It’s hard to be bassist in BTC. Basically, you could create a wheel with bullish tweets, spin it randomly and hit it almost immediately in this market.”
Although the decentralized financial market has remained on a plateau since early October, Ethereum’s blockchain activity has not only not declined but has remained steadily on the rise, to the point of giving a new record to the hashrate. Glassnode researchers stated:
“The Ethereum hash rate reaches a historic peak. Ethereum miners have taken the hash rate to a new record in the wake of hype #DeFi and rising rates. It crossed 250T/s and has now risen 80% since the beginning of the year.”
The momentum between a strong Bitcoin uptick and Ethereum’s strong arguments probably catalyzed Ethereum’s sharp uptick even in a calm market. In the short term, the next goal the Ether must achieve is the $400 resistance group.
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