Ethereum’s bullish retest will provide the coin with another chance to surge in the near-term and grow in value more. Those that missed out on the initial bullish movement are lucky but as one analyst noted, there will be more chances soon so let’s read more in our latest Ethereum price news today.
Ethereum has been more bullish than Bitcoin as it drove a higher ROI but it’s still nowhere near the previous highs on the two cryptocurrencies ratio. Ethereum should catch up to BTC on the ETHBTC trading pair as it caused the top-ranked altcoin to outpace Bitcoin in terms of performance. And it seems that Ethereum’s bullish retest is coming and the coin will have a bullish retest of the former all-time high which is trying to hold on for quite some time. The bullish push could withstand a “macro beating” that will provide more confidence to fuel another leg up and will likely take Ethereum towards $2K.
According to one crypto analyst, the retest is another chance for those that missed out on the rally at first. They claim that this is a once-in-a-lifetime opportunity for the latecomers but technically, this is the second chance after the first run-up. Crypto assets move fast and usually in a violent manner so Ethereum was already trading between $1400 and $100 for four years while now it retests the former resistance support and stayed there for a while.
The important resistance flip into support is confirmed and markets then move up in a stronger way. ETH is the second biggest crypto by market cap and started the ETH 2.0 upgrade phases which address scalability issues that are the main problem of the network now. Regardless of the challenges, the activity on ETH is high and the reserves are low but the demand for Ether gas is high so the price per coin will likely surge in the near future. The retest of the resistance turned support level, could be another factor that will allow ETH to outperform BTC which will bring the ratio back towards the levels seen in 2018.
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