Crypto News

Ethereum Surges 6% Leading Crypto Market Surge

Ethereum (ETH) has surged today, marking an extension of the upwards momentum that it incurred earlier this week when the crypto surged nearly 7% after Bitcoin posted a strong bounce at its range lows of roughly $7,800.

This bullishness appears to be lifting the aggregated crypto markets, and it is highly probable that further ETH gains will be fueled by a drop in Bitcoin’s dominance over the aggregated crypto markets.

Ethereum Surges 4% as Crypto Markets Show Hints of Bullishness

At the time of writing, Ethereum is trading up roughly 6% at its current price of $190, which marks a notable surge from its recent lows of $171 that were set earlier this week before it began incurring notable upwards momentum.

This surge comes about as multiple major altcoins have incurred momentum as Bitcoin ranges within the lower-$8,000 region, and most major altcoins including Ethereum appear to be unfazed by the recent bearishness that BTC has incurred ever since it plummeted below $10,000.

In the near-term, it is highly probable that Ethereum will extend its upwards momentum, as it appears to have broken above a key resistance level that was previously proving to be a region of resistance.

Crypto Loomdart, a popular cryptocurrency analyst on Twitter, recently spoke about this level prior to Ethereum’s surge this morning, noting that its reaction to the level will likely lead to notable volatility.

“$ETH at an important price here in $BTC terms, fakeout resistance before it plunged. Should get pretty exciting,” he noted while pointing to the below chart.

Bitcoin Dominance Drop Could Fuel ETH Rally

Currently, Bitcoin’s dominance over the crypto markets is sitting at 66%, which marks a notable drop from its recent highs of over 71%.

Because of the lack of fresh capital within the crypto markets, it is highly likely that BTC’s dominance will need to continue receding in order for altcoins like Ethereum to continue rallying, as investors will need to shift funds from Bitcoin and towards altcoins in order to sustain an alt rally.

The coming few hours and days will likely illuminate where ETH and other altcoins will head in the near-term, as the sustainability of this current rally will be key for determining whether or not another long-term uptrend is imminent.

Featured image from Shutterstock.

The post Ethereum Surges 6% Leading Crypto Market Surge appeared first on NewsBTC.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

Bitfinex Offers Up to $400M For Information Leading to BTC Stolen in 2016
Bitfinex wants to recover Bitcoin stolen from them in 2016, even if that means paying to find the hackers...
Tracing Fishy Risks With Blockchain Tech Amid the COVID-19 Pandemic
The COVID-19 pandemic has highlighted challenges in global seafood supply chains, and blockchain tech may help improve them. COVID-19...
Chainlink Reaches New LINK Price All-Time High Eyeing $10 Next
The price of Chainlink has climbed to new heights as LINK continues to be one of the strongest cryptocurrency...
HaruBank Celebrates One Year of Operations, Showing Strong Growth
Bitcoin Press Release: Blockchain-based digital asset depository service HaruBank celebrates 1 year of giving users market-leading interest rates, with transacted volumes of over...
From Broke To Bitcoin: The Post-Pandemic Rags To Riches Story
The pandemic has brought about tough times on many. The economy is struggling, jobless claims are rocketing, yet thanks...
Sceptre Monitor Review – 27″ Curved Gaming Monitor (C275B-144RN)
Note: This review is in no way sponsored by Sceptre. I had no contact with the company and bought...

Featured Crypto News

Bitcoin Price Climbs to $11,200, But Three Factors Hint at a Pullback
The price of Bitcoin spikes to $11,200 but three key factors suggest that a short-term pullback is likely as...
Bitcoin Could Hit $12K on Ethereum-Tailing Behaviour: Analyst
Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager. The analogy appears out of Ethereum’s...
Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone
If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken. PlusToken was a...
Ether Rockets 50% in 5-Year Anniversary Month: What’s Behind the Rally?
As Ethereum turns five years old, Ether is up 50% over the past month with two main catalysts driving...
This Simple Bullish Pattern Suggest Ripple (XRP) Could Surge Above $0.25
Ripple is up over 2% and it is showing positive signs above the $0.2400 resistance zone against the US...
Will Ethereum Overtake Bitcoin as the World’s Leading Token?
Ever since it was first released to the public in January 2009, Bitcoin has been the leading player in...