Ethereum Price Analysis: ETH Surges 8% Daily, Eyes All-Time High

[Pagla]

Key Support levels: $4,350

Key Resistance levels: $4,868 (ATH)

ETH has finally moved above 0.08 BTC on the ETH/BTC chart. With this breakout, the cryptocurrency signals that it is ready to make significant gains against Bitcoin and lead the altcoin market to new heights. This breakout is essential because it represents a resistance line going back to the 2017 top when one ETH was 0.15 BTC.

Ethereum rallied on the USD pair as well and it is less than 3% from the all-time high at $4,868. As such, the current support is found at $4,350, and the resistance is represented by ATH. Considering the major breakout versus BTC, ETH seems likely to continue its rally and the only significant resistance left now is the all-time high on the USD chart.

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[Alcor]

In terms of price growth, ethereum now compares favorably with bitcoin. For exactly one year now, the ethereum network has been updated, the functional characteristics of this coin will be much improved. In addition, ethereum is switching to the PoS algorithm, which is very timely due to the measures taken by states to prevent global climate change. Due to the energy-consuming PoW algorithm used when mining bitcoin, states may even prohibit its mining.
Therefore, the ethereum price will continue to grow, including in relation to bitcoin.