With the latest Bitcoin rally, it seemed like cryptocurrencies were unstoppable. Bitcoin managed to break its highly anticipated target of 20k, and shocked everyone by continuing its uptrend, and breached the 32k price, marking a new all-time high price.
For the rest of the cryptocurrencies, no one made it yet to their previous all-time highs as they seemed to lag behind. But everything is changing, as the big bear has awakened. Today, Ether’s price broke past the USD 1,000 barrier, pushing all altcoins upwards along with the DeFi market. Is this the time to invest in Ethereum?
Ethereum Price Analysis – A Sudden Jump in Prices
Ethereum was going on a healthy uptrend ever since the COVID-19 crash back in March 2019. Prices seemed to have been increasing steadily, all until the very second day of 2021, where the price jumped up and broke the USD 1,000 price barrier, reaching even a high price of USD 1,170 on certain exchanges.
This strong price move happened once the price of Ether surpassed the resistance price of USD 785, an area previously predicted by CryptoTicker. It is very important to track and follow important and credible news sources, as there are many news websites giving negative information and even wrong predictions.
As an example, hitherto many news websites bashed Ethereum and said that it will never reach its previous price of USD 1,000 anymore.
However, one crypto analyst says that Ethereum price won’t ever come close to the $1,000 mark ever again, even if Bitcoin some day reaches prices of $50,000 or more per BTC.
Ethereum pushed the Altcoin market
The whole cryptocurrency was pushed upwards with Ether’s price hike in the last 24 hours, especially the coins that use ERC-20 and the DeFi market in particular, while Bitcoin was seen adjusting in prices:
1- Bitcoin (BTC) : – 7.51 %
2- Ether (ETH) : + 21.47 %
3- Tether (USDT) : 0 %
4- Ripple (XRP) : + 5.84 %
5- Litecoin (LTC): + 8.89 %
6- Polkadot (DOT) : + 2.54 % (surpassing ChainLink, Bitcoin Cash, Binance Coin and Cardano)
7- Bitcoin Cash (BCH) : + 12.31 %
8- Cardano (ADA) : + 18.77 %
9- Binance Coin (BNB): + 5.47 %
10- Chainlink (LINK) : + 13.24 %
Stay Ahead, Stay Updated
Rudy Fares
