Ethereum has risen by about 20% from $400 to a brief $470 with it seemingly hanging out at $460.
The second biggest crypto has now gained a market cap above $50 billion, with its ratio recovering somewhat after plunging last month.
The question of course is what it will do now with $470 being a big resistance line for ethereum.
The current price level was fairly big resistance when eth rose in 2017, sidewaying here for some days.
It was then very big support on the way down in 2018, giving a dead cat bounce and then demanding much sideway until it let off to the very bottom.
So if this resistance line falls, the road may well be clear all the way to $800, but what may well be more important to see is if it holds.
Sideways here would be the best news since the genesis block, and it may well be sideways is what we get especially as bitcoin has just surpassed a big line too at $14,000, crossing it clearly to $15,400.
Obviously both bitcoin and eth could go nuts and straight up, but it may well be a moment when bears and bulls look at each other and wonder whether bears dear sell, whether bulls dear charge, and more importantly maybe whether there’s any pigs around.
Arguably pigs are not playing right now except maybe in eth where it’s still to take that resistance line.
Bitcoin led this round as we all know, and eth did follow this time, but while bitcoin is in the clear in finally taking that $14,000, eth has still a little bit more to go.
It might not obviously, it could even turn for stupidity’s sake, but bitcoin won’t wait for very long and it generally doesn’t care what eth does.
Last time in 2017, it just left eth in the dust at $300 while bitcorn bull runned to $20k like nothing.
So eth shouldn’t feel complacent, like it’s owned anything. It should cross that $470 and sit there quietly as bitcorn muses about the new found fields full of watery ways for bulls to play.
That all said, both can do whatever they want, it just feels like bitcoin in particular might sideways for a bit and then eth too if it manages to catchup beyond that resistance line unless it just decides to hang out here.