The jump in Ethereum is observed simultaneously with a slowdown in its own explosive growth of the bitcoin rate — over the past day it has increased by 3% and is about $33 000. The bitcoin dominance index at the time of publication is 69.6%, while on January 3 it rose to almost 73%.
One of the traders drew attention to the presence of a large wall for selling ETH for about $ 1,000. Subsequently, he added:
“The wall is gone. There is nothing above. I don’t know if they took it away or swallowed it up, but it disappeared. “
“I believe the key level for ETH is around $955. Although, who am I fooling? Perhaps it will just be able to skip by, since Bitcoin has shown us that none of these old levels mean anything anyway, ”writes another.
Apart from Ethereum, many altcoins have shown strong growth in recent days. Dogecoin and Polkadot have doubled in price, while VeChain, Loopring and Nano have added more than 60%.
Earlier, the Chicago Mercantile Exchange (CME Group) announced the launch of Ethereum futures, which is expected to take place on February 8 after the instrument is approved by the regulator. Messari analyst Ryan Watkins believes that thanks to this, 2021 could be the year of an inflow of institutional assets in Ethereum.