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In my yesterday’s Bitcoin analysis titled “Must Read: Bitcoin Price Rallys As The U.S Fed Goes Bullish On Bitcoin.” I talked about the numerous fundamentals and policies that were coming out into effect and favoring the growth and mass adoption of cryptocurrency all around the world.
I also talked about the long term effects of these policies and how all this crypto positive news was driving the bullish rally in both Bitcoin and Ethereum.
Ethereum Bulls Stepping In
The Ethereum price as been dormant for a while now, not really making any massive moves like other small-cap altcoins. However, that all changed with the break of the 0.02756 super resistance.
In this Bitcoin analysis, I will be taking a closer look at the Ethereum chart (ETH/BTC) and giving you my honest opinion on the current bullish breakout that just occurred on the pair. I will also be pointing out the various support, resistance, and target levels I will be watching for this trade.
Ethereum Breaking Resistance
Ethereum just broke through a long term resistance at 0.02756 and I believe that the price still as a very potential of heading higher in the days to come.
Bullish volume is already entering back into the ETH/BTC pair and I believe this bullish volume will only increase as more bullish traders begin opening more positions and the bullish momentum increases.
This bullish move is also being driven by the coming Ethereum 2.0 that will be released later this year. This Ethereum update promises to revolutionaries the Difi altcoin space and better its blockchain capabilities.
Important Levels To Watch
My main target for this bullish move is the 0.0360 resistance region. This region as played an important role in the price of Ethereum in the past and might do so again in the coming days or weeks.
Altcoins In A Sea Of Red
Most Altcoins in the Altcoin market are currently experiencing a pullback after several weeks of altcoins price surging and making new highs.
I gave a very clear warning about these coming Altcoin Pullbacks in an earlier Bitcoin analysis “Must Read: Bitcoin Dominance Crashes To 61%. End of Altcoin Rally?“
However, I don’t believe these pullbacks in the Altcoin markets will last because we are currently seeing a lot of positive news and developments occurring in the cryptocurrency market. These developments will eventually spill into the altcoin market and drive the rally and the return of the bullish trend.
Bitcoin at this point is also pushing higher and I believe this price rally will drag the whole cryptocurrency market up with it in the coming days.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide.
You can also check my top list of Best Bitcoin Exchanges To Trade With.