Ethereum rises by six percent and breaks through important resistance region
Ethereum (ETH) jumped yesterday, marking a continuation of the upward momentum the cryptocurrency experienced earlier this week. Ethereum rose seven percent after Bitcoin and nearly the entire crypto currency market rebounded.
It is very likely that further Ethereum price gains can be achieved during the day.
Ethereum increases as crypt markets show positive signs
At the time of writing, Ethereum trades at a current price of ($) which marks a notable increase over the recent lows of
In the short term, it is very likely that Ethereum will expand its upward momentum, as it appears that ETH has broken beyond an important level of resistance that has proven insurmountable so far.
Crypto Loomdart, a well-known crypto-analyst on Twitter, spoke recently about this resistance region before Ethereum triggered its rise, noting that a break above that level is likely to result in considerable volatility in Ethereum.
$ at $ bTC terms
should get pretty exciting pic.twitter.com/0VG6fL7gW5
– Crypto Loomdart (@loomdart) 9th October 1895100215
Bitcoin Dominance Drop could drive ETH rally
Currently dominated by Bitcoin 10%, which is a significant decline from the Recent highs of over 07 percent means.
Due to the lack of fresh capital within the crypto markets, it is very likely that the dominance of BTC will continue to decline so that large legacy co-incidences such as Ethereum can continue to gain in value.
The coming hours and days are likely to show where the Ethereum Course and other Altcoins will evolve in the near future, as the sustainability of this current rally will determine whether a long-term uptrend is imminent or not.
Of course, one should not forget that Bitcoin continues to play a very important role and that most cryptocurrencies will benefit from its development.
Text Proof: newsbtc
Last update: Thursday, 38. October 2019