ETH’s success directly depends on Bitcoin – Bloomberg

  • Ether hits new highs with $ 1000 forming as new support

  • Cryptocurrency is directly dependent on bitcoin

  • The asset is already in a “hot” state, according to Bloomberg

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ETH's success is directly dependent on Bitcoin - Bloomberg

Ethereum is trying to gain a foothold above $ 1000 and turn this former resistance into long-term support, as it did with the $ 100 rate in 2017

The second largest cryptocurrency by market capitalization may no longer fall below the $ 1000 mark. At least this opinion was expressed by analysts of Bloomberg in their latest report..

According to experts, the cryptocurrency is in the process of support in the area of ​​$ 1000. Previously, this level served as a powerful resistance. The coin already played a similar scenario in 2017, only then it was about the $ 100 mark.

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According to analysts, in the long term, Bitcoin’s payback will be higher than that of ETH. This is due to the fact that the dynamics of the ether rate depends on the Bitcoin rally. Historically, there has been a close correlation between coins. 

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ETH’s dependence on Bitcoin is confirmed by corrections when local highs are reached. The chart below shows how ETH, when it reaches parity in growth with Bitcoin, immediately rolls back. At the same time, bitcoin, on the contrary, increases the gap from ether.

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In addition, Ethereum is already in a red-hot state, with the coin surpassing the 120-day average since its peak in 2018. If Bitcoin does not hold the support level at the $ 30K mark, ether will most likely not keep the $ 1000 threshold either, analysts write..

Read also: Ethereum Rises To $ 2,600 In This Cycle – Mike Novogratz

Meanwhile, the ETH rate has renewed its all-time high at $ 1697. The growth in the rate also brought Ethereum to the third place in terms of the volume of tokens placed in staking. Now on the ETH 2.0 smart deposit contract there are 2.18% of tokens in circulation worth more than $ 4 billion.

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The price of ETH / USDT at the time of writing is $ 1643.

About ether in 2021 – read the special material from BeInCrypto.

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ETH's success is directly dependent on Bitcoin - Bloomberg


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