The price of Bitcoin (BTC) fell 5% on December 11. Bitcoin investors, on the other hand, did not panic despite this decline, waiting for the rise. Although this decline brought a retreat of close to 10% to the price of Ethereum (ETH), with the recovery of the BTC price, both BTC and ETH investors managed to return to the old levels.
Ethereum Price Raises Its Head
It seems that the Ethereum Price is constantly returning from the same resistance points due to the fact that Bitcoin cannot rise above $ 20,000. Despite breaking an all-time high of $ 20,000, BTC could create a similar situation for ETH by breaking here.
A well-known cryptocurrency analyst said Ethereum is on track to create a “perfect chart” independent of Bitcoin. Although ETH / UDS parity has briefly fallen below $ 500, according to the analyst, there is still hope and an incredible rise may occur soon. Analyst Cactus stressed that the initial target for the ETH/USD trading pair was $ 577, then “a record.”
Critical resistance to ETH, according to analystThe analyst’s tweet, which stated that the ETH chart was excellent, appears to have drawn particular attention to the $ 540 level. The analyst noted that $ 540 is a strong support, and in the continuation of this, he notes movements of $ 550 and beyond.
Ethereum’s price has risen above $ 577 as of the time this article was written and is trading at $ 581. So the levels expressed by the cryptocurrency analyst are really visible now, and this rise has the potential to carry the price above $ 600.
Ethereum Aims For $ 750 Again
The fact that the ETH price has returned, that is, reacted to the decline, is $ 555, seems to be in line with the analyst’s chart. In its post, the analyst said that it could come to $ 620 with a daily close of more than $ 580. Ethereum, one of the most elevated in the top 10, seems to be indeed moving in the direction expressed by the analyst.
Investors had earlier expected $ 750 to gain strength, while the sharp decline had ended all hopes for ETH. But now, with a rise above $ 600 again, the expectation of $ 750 can be expected to gain strength. This will create FOMO, both ETH and other altcoin investors 1 month ago will constitute the bullish rally.