Ethereum has hit a new all-time high on some exchanges like Coinbase but not others like Binance where it fell short by a few dollars. ETH price is still trading around $1,400 and seems poised to hit a new all-time high across all exchanges.
Meanwhile Bitcoin price trades at $37,000 outperformed by Ethereum and losing a significant chunk of its market dominance which currently stands at only 66%. Even XRP price had a significant breakout towards $0.33 which didn’t last long after a rejection crushing it down to $0.297.
Ethereum price wants a new all-time high
As we stated above, ETH price did hit a new all-time high on Coinbase but not on Binance and others. The digital asset is currently trading at $1,380 and needs to defend the 12-EMA on the 1-hour chart to continue with the short-term bullish momentum.
If this EMA is defended, the likelihood of ETH price climbing above $1,440 would be quite high. Nonetheless, the overall market sentiment for Ethereum is extremely bullish and its open interest has hit a new all-time high as well at $4.85 billion in open positions.
Additionally, the number of active addresses continues to rise while Ethereum inside exchanges declines. On top of that, the Eth2 deposit contract now holds 2.7 million ETH worth more than $3.7 billion at current prices. It’s hard not to be bullish on Ethereum.
Bitcoin price falls behind Ethereum but remains bullish
This scenario is certainly not surprising as we know Bitcoin needs to stay flat or trade sideways for Ethereum and other altcoins to surge. BTC price has been inside a steady uptrend on the 1-hour chart since January 17.
The symmetrical triangle on the 4-hour chart remains in place. Bulls need to push Bitcoin price above $38,500 to see a massive 38% breakout towards $50,000. This pattern should see a breakout or breakdown by the end of January.
XRP price sees a glimpse of hope but gets crushed
XRP holders were happy today as XRP price seemed to be correlated with Ethereum following the digital asset and climbing to $0.33 in just two hours from a low of $0.28. Unfortunately, it didn’t last long and practically most of the gains are gone as XRP trades at $0.298 at the time of writing.
This rejection is certainly crushing for the holders as the alt season might be on its way right now.
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