ETH Spiked To 4-Month High Surpassing $1300: Price Analysis

ETH spiked to a 4-month high as it surpassed the $1300 price range while Bitcoin’s dominance continues dropping so let’s read more in today’s ethereum news today.

Bitcoin failed to double-down on the recovery and remained stagnant between $32K and $33K over the past 24hours. The large-cap altcoins were led by ETH and charted gains against Bitcoin while its dominance continues its negative sentiment and dropped to 63%. After BTC dropped below $29,000 earlier this week, the asset was headed for a fast recovery session as it has already done before. A day ago, the cryptocurrency gained more than $5000 to value. This resulted in BTC hitting $34,000 which became the daily high and strong support turned resistance level but BTC failed to break higher and a new rejection drove it down by $2000 to below $31,500.

In the next few hours, BTC initiated another leg up which took it to about $33,000 but the benchmark cryptocurrency couldn’t breach above it and now trades beneath this level. From a technical standpoint, BTC still has to overcome the critical resistance level at $34,000 and $36,200 to resume the bull run so the support level at $30,760 and $30,000 and $29,630 as it could assist in case of a new correction.

Most of the alternative coins slowed down after the double-digit gains made yesterday. On the 24-hour scale, XRP, Cardano, and Bitcoin Cash marked minor losses while Binance Coin, Polkadot, Litecoin, Chainlink added about 1%. Ethereum gained the most in one day, marking an increase of 4.5%. ETH spiked to a 4-month high above $1300 while also surging against BTC. The ETH/BTC pair was at an 8-month low at the start of the new year and trading around 0.024 but the latest price action led ETH to a 4-month high of over 0.04 BTC per ETH. The all-time high of the pair was set in January 2018, when the coin was more than 0.14 BTC.

The lower capo altcoins displayed some more fluctuations over the past 24 hours like Qtum which became the most impressive gainer with a 25% surge, Aave by 15%, Verge by 12%, and Ocean Protocol by 10%. Bitcoin’s inability to break above the $34,000 while other altcoins gained value and made bitcoin’s dominance to drop to 63.3%.