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Ethereum is exploding higher despite a strong Bitcoin correction just hours ago. The price of Bitcoin fell as low as $17,500 on leading exchanges this morning as the institutional buying that kept the price afloat during the week abated over the weekend.
BTC has since bounced back since hitting those lows. Ethereum, too, has rallied: the <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin is up around 10% from the daily lows, pushing from the $515 lows to $570 as of this article’s writing.
With Ethereum setting new year-to-date highs as Bitcoin stagnates and attempts to consolidate, this seems to suggest that capital is cycling from BTC into altcoins.
This much is made clear by strong rallies in the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin market, including gains in leading DeFi coins and in older cryptocurrencies from the previous bull market.
The chart shows that Ethereum is showing clear sell walls in the $600 region, which many analysts are eyeing next.
BTC has since bounced back since hitting those lows. Ethereum, too, has rallied: the <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin is up around 10% from the daily lows, pushing from the $515 lows to $570 as of this article’s writing.
With Ethereum setting new year-to-date highs as Bitcoin stagnates and attempts to consolidate, this seems to suggest that capital is cycling from BTC into altcoins.
This much is made clear by strong rallies in the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin market, including gains in leading DeFi coins and in older cryptocurrencies from the previous bull market.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Ethereum is Facing Strong Selling Pressure
While analysts are hopeful that Ethereum will continue to explode higher, one analyst recently noted that order book data shows that the <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin is facing down key selling pressure.The chart shows that Ethereum is showing clear sell walls in the $600 region, which many analysts are eyeing next.
Ethereum hasn’t traded in the $600 range since the middle of 2018. ETH hitting $600 would mean that it would be up approximately 350% on the year.