Ethereum (ETH) Price Surges By 9% Following The BTC Rally

Ethereum (ETH) price increased by up to nine percent against the US dollar over the past day, following the 30-day rally of Bitcoin which increased up to 40 percent. The coming altcoin news will provide you with a more detailed analysis.

The recovery of ETH was expected among the traders since the cryptocurrency manifested a great performance during the first quarter of 2019. While the price of the largest cryptocurrency recorded a whopping 110 percent gain against the US dollar to this year, Ethereum managed to increase up to 51 percent from the previous 6 to 6 position.
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Bitcoin was struggling over the past three months and tried to escape the $4,000 resistance level at the beginning of 2019. However, in less than a month, the bitcoin price skyrocketed from $5,000 to $8,000. It even managed to break out of the key resistance level from $6,000. Some expect for the cryptocurrency to get back in the near-term since both technical indicators and momentum remain bullish. According to a crypto trader:

 “After breaking the much anticipated 6000 level BTC still looks amazing. Trend, momentum and sentiment are all clearly bullish. That said it’s at resistance and a pullback would make sense. I’d much rather be a buyer at support than a seller at resistance.’’

The best cryptocurrency news sites reported on the sentiment around bitcoin and the rest of the crypto market. It seems that the community is generally optimistic. The analysts can predict that the major cryptocurrencies will sustain the momentum in the medium term just as the Ethereum (ETH) price managed to do so.

The co-founder of Ethereum Joseph Lubin declared back in 2018 that the bottom of the crypto market is here just when the price of the largest cryptocurrency reached $3,150. Lubin stated that the fear is intensifying about the future of crypto and noted:

‘’I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates. What I’ve witnessed among the chattering class the past few weeks in response to ConsenSys 2.0 is a rather typical tune: the alarmed, the eulogistic, and the gleeful.’’

Since then, the Etehreum (ETH) price surged by 70 percent year-to-date.