Ethereum Hits All Time High as Bitcoin Consolidates
Ethereum (ETH) reached levels it last tested in January 2018 as a less volatile Bitcoin kept creating upside opportunities in the $105 billion altcoin market.
The second-largest cryptocurrency (by market cap) surged by roughly 10 percent on Monday to hit an intraday peak level of $1,437.
Its rally appeared in absence of any concrete catalysts, prompting observers to call the move entirely speculative. Meanwhile, some also noted that the coin merely benefited from a lack of wild fluctuations in the Bitcoin market that open attractive intraday opportunities for long/short traders.
The top cryptocurrency went on a corrective course after setting a record high of $41,986 on January 8. After a 30 percent decline, it started consolidating sideways, with each extension leading to dimming volumes and low volatility.
To many, Ethereum’s upside move is also an effort to reach its January 2018 high of $1,419. Economist Alex Krüger envisioned the ETH/USD rates hitting $2,000 in the coming sessions. He tweeted:
The upside predictions also appeared in the wake of Ethereum’s long-term bullish prospects owing to a plethora of supportive fundamentals. They include the booming decentralized finance projects that operates atop the Ethereum blockchain, thereby increasing ETH adoption, and its switch from proof-of-work to proof-of-stake (read ETH 2.0) that effectively puts a considerable ETH supply out of circulation.
“Ethereum’s daily transaction volume is going parabolic. It now settles $12 billion in transactions daily – $3 billion more than Bitcoin. Imagine not being bullish,” asserted Ryan Watkins, researcher at Messari, a data aggregation portal.
If you want to earn passive income and don’t have the time to follow the news or read charts, try BrozBot to automate your trading.
BrozBot uses 100% technical analysis on 60 minute, 15 minute and 5 minute charts to identify new trends, overbought/oversold conditions and double-tops/bottoms to determine Buys and Sells.
Only trades with 70%+ probability of success are taken. Signals generated under 70% chance of winning are ignored.
Go to https://brozbot.com now and open your account for free and try it out!