The sudden burst of enthusiasm offset the downward trend that followed the initial rise after successful deployment in London the day before.
After falling to a low of $2,530, Ethereum outperformed many altcoins in the hourly time frame, setting its sights on the resistance level close to $3,000.
In the past 16 daily candles $ ETH…
— Rekt Capital (@rektcapital) August 5, 2021
For Cointelegraph writer Michael van de Poppe, in order to ensure the continuity of the bullish trend, the impending resistance must be broken.
“Ethereum rebounded sharply from the critical level of $2,535,” he said Summarize Twitter fans.
“However, it has not broken through and flipped the resistance level of 2,850-2,925 USD. This is the direction that needs to be flipped to continue towards ATH.”
This move is because traders and analyst Rekt Capital pointed out that after Bitcoin’s surge last week, investors are reawakening their interest in the altcoin market more broadly.Bitcoin) Price increased.
“BTC is consolidating at a high level, trying to conduct a very important retest of the top of the weekly range that broke last week,” he said Tweet That day.
“At the same time, some of the funds that drove BTC to about $42,000 last week are now flowing into some altcoins.”
In a further victory, ETH/BTC also seems to regain an important resistance level of 0.07, which has existed for several weeks.
Bitcoin catching up
At the time of writing, ETH/USD is hovering at US$2,800, while BTC/USD is recovering close to US$39,000.
Earlier on Thursday, the largest cryptocurrency fell to $37,290 after Failure Earn $40,000 overnight.
Buyer support from major exchanges Binance Stay strong at $36,000 and above, while sellers line up at $41,500.