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Ethereum Triggers Wider Market Rally As Altcoins Lead Bitcoin

Altcoins 2020/05/18 09:51 by John Kiguru
There's 1.15 million accumulated in ETH, here's the reason amidst other riveting bullish Ethereum discoveries

The crypto market has broken a weeks’ pattern of starting the week in the red zone. The trend to start the week testing weekly lows and end it high started a few weeks ago and was noted to be similar to what was seen in 2017. Beginning yesterday, the market seems to have reverted to this trend. Despite ending the last week testing highs, the market goes into the new week reaching for the same highs after a weekend dip.

Ethereum is one of the coins that are keen to do even better. In the last 24 hours, the altcoin has broken out of its range. With it, it has triggered a wider market rally which has seen a majority of altcoins outperform Bitcoin.

Ethereum Triggers Wider Market Rally As Altcoins Lead BitcoinETHUSD Chart Via TradingView

Ethereum’s positivity has trickled down the market as most altcoins have gained 2% to 5% in the last 24 hours. Bitcoin which is now at a critical resistance of $9,800 could lose to altcoins as they continue to show more prospects for gains in the coming days. 

Ethereum has in the last few hours recorded gains of more than 6%. With this, the altcoin has broken above $210 to reach as high as $215. In recent weeks, Ethereum has been struggling to break out of the $185 to $205 range.

Early last week when it dipped to its support of $185, many began to accumulate with the prospect of higher highs if that support was to hold. By the end of the week, the asset bounced back to $200 but was struggling to stay above during the weekend.

Ethereum Signals More To Come For

Etheruem is expecting an upgrade in the form of Ethereum 2.0 in the not too distant future. If successful, this is a bullish catalyst that will drive in new prospects.

On top of this, last week, Reddit announced it would launch its token on Ethereum and speculation grew that Visa might use Ethereum on its newly patented digital currency. All these developments have inspired investors, and with little else going on with other projects, they are ready to back Ethereum and accumulate.

Now the bulls will be looking to end the week in the highs of $230-$250 if the current momentum can be maintained.

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