thereum, despite a quick Bitcoin correction just hours ago, is exploding higher. On leading exchanges this morning, the price of Bitcoin dropped as low as $17,500 as the institutional buying that kept the price afloat over the week decreased over the weekend. Since hitting those lows, BTC has bounced back again. Ethereum, also, rallied; the coin is up over 10% from the daily lows, pushing from the $515 lows to $570 as of the writing of this report. With Ethereum setting new year-to-date records as Bitcoin stagnates and attempts to stabilize, this seems to indicate that capital is cycling from BTC to altcoins.
According to newsbtc.com, this is explicitly explained by significant rallies in the altcoin market, including increases in leading DeFi coins and in older cryptocurrencies from the previous bull market.
Although analysts are expecting that Ethereum will proceed to explode higher, one analyst recently noted that order book data indicates that the coin is facing crucial sales pressure. The graph reveals that Ethereum is showing strong sale walls in the $600 area, where many analysts are looking at next. “Serious market buying going on, but the ask side is stacked. I don’t expect us to break 600 today,” the analyst said in reference to the data seen below.
Ethereum has not traded in the $600 range since the middle of 2018. ETH reaching $600 could mean a rise of around 350 percent on the year.