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Ethereum has exploded with the same momentum that Bitcoin did earlier in November, now taking the altcoin’s recovery to over $600. The level is the last major resistance zone before an all-time high retest is due. Here is the level to watch for where a reversal could take place, or if it’s too late and the cryptocurrency will just keep on going from here.
Ethereum Takes Out $600, All-Time High Possible With Another Leg Up
Bitcoin price reaching prices near $20,000 has diverted incoming capital toward altcoins once again. Ethereum had been feigning signs of weakness, but instead was gearing up enough strength under the radar to make a similar-sized push as Bitcoin.
With Ethereum being the most robust network of the rest of the space and in second in place by rank, it is the first logical coin to put money into next to BTC.
Related Reading | Analyst: Ethereum And Litecoin Forecast One Last Crash Against Bitcoin
And investors are doing just that. Ethereum and other major altcoins are posting larger gains than Bitcoin itself.
The top-ranked altcoin clears $600 today following Bitcoin bullish breakout | Source: ETHUSD on TradingView.com
The ongoing crypto market rally has pushed Ethereum as of this morning past the pivotal $600 mark. The level is the first area in a series of four weekly resistance zones.
The altcoin spent very little time trading around those prices, however, and much like Bitcoin has demonstrated recently, they might not pose much threat to the current bullish momentum.
Price action is rapidly approaching all-time highs, with very little price action above current levels | Source: ETHUSD on TradingView.com
At this rate, and given the sudden revival of interest in the cryptocurrency market, a retest of both Bitcoin and Ethereum’s all-time highs could very well arrive sooner than later.
Related Reading | Why Bitcoin Dominance Suggests Alt Season Is Still Many Months Out
Things are undeniably overheated, but conditions are unique in the fact that the dollar is breaking down, and hard assets like crypto are especially bullish in such situations.
How far will this one Ethereum rally go?
Featured image from Deposit Photos, Charts from TradingView.com