Ethereum, the second largest crypto asset by market cap, had a strong weekend session and rose almost by 25% in the last two days. The ETH/BTC ratio has also surged from 0.053 to 0.07 indicating that ETH is outperforming BTC. The dominance of ETH is currently at 18.21% and the market capitalization is at $183 billion.
At the time of writing, ETH was trading at $1,504.
ETH after taking the support around the crucial level of $860 (Low of 4th Jan 2021) started trading sideways in the range of $1,000 to $1,275. The asset finally gave a breakout above the range and rallied up to $1,630. ETH may face strong resistance at $1,700 (Lows of previous Double Bottom pattern) and we may see some profit booking or consolidation at those levels. Once it crosses and sustains above $1,000 then we can expect it to further rally upto $1,950- $2,000 whereas $1,275 will act as a strong support for the asset.
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