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Ethereum approaches $3K resistance as Bitcoin price rebounds toward $40K


06 Aug 2021

#Ethereum

A sudden change of sentiment on lower timeframes gives bulls something to smile about after a downtrend is swiftly cancelled out. Ethereum’s Ether token (ETH) enjoyed a "massive" rebound towards $3,000 on Aug. 5 as optimism flowed in after its London hard fork went live. Data from Cointelegraph Markets Pro and TradingView showed ETH/USD climbing swiftly to local highs of $2,820 on Bitstamp Thursday.

The sudden burst of enthusiasm countered a downtrend which had set in after the initial uptick following London's successful deployment the day before. After a wick down to as low as $2,530, Ethereum outperformed many altcoins on hourly timeframes, setting its sights on resistance nearer to the $3,000 mark. For Cointelegraph contributor Michael van de Poppe, the incoming resistance was nonetheless essential to break in order to secure bullish continuation.

"Ethereum makes a massive bounce upwards here from the critical level at $2,535," he summarized to Twitter followers. "However, didn't crack and flip the resistance at $2,850-2,925 yet. That's required to flip in order to continue toward ATH's."

The move came as trader and analyst Rekt Capital noted that investors were reawakening their interest in altcoin markets more broadly following last week's significant Bitcoin (BTC) price pump.

"BTC is consolidating at highs, trying to perform an all-important retest of the top of the Weekly range it broke out from last week," he tweeted on the day. "Meanwhile, some of the capital that drove the $BTC move to ~$42000 last week is now flowing into some Altcoins."

In a further triumph, ETH/BTC also looked set to reclaim important resistance at 0.07, a level in place for several weeks.

Bitcoin plays catch-up

At the time of writing, ETH/USD circled $2,800, while BTC/USD was approaching $39,000 in a comeback of its own. The largest cryptocurrency had dipped to $37,290 earlier Thursday, having previously failed to clinch $40,000 even briefly overnight. Buyer support on major exchange Binance remained firm at $36,000 and upwards, while sellers were lined up at $41,500.


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