Bitcoin, Ethereum, BTC/USD, ETH/USD Talking Points:
- While many/most markets close over the weekend the crypto space does not sleep, and with Ethereum futures going online next week, this may be a busy weekend in cryptocurrencies.
- Ethereum has launched higher this week, setting a fresh all-time-high ahead of that futures listing.
- Bitcoin was strong as well, albeit to a lesser degree than that of Ethereum. Perhaps most impressive was the continued strength in Bitcoin even as the US Dollar came back to life.
- The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
The crypto space continues to evolve and next week marks another key point on that timeline when Ethereum futures contracts go live. In anticipation of the listing, Ethereum rallied throughout the week to continually punch up to even higher all-time-highs. At this point, Ethereum is up more than 130% in 2021 alone, and we’re barely a month into the New Year.
Perhaps more impressively the cryptocurrency has rallied by as much as 1859% from the March 2020 lows, and as much as 473% from the September lows. Bitcoin, of course, has had its days in the sun but the numbers fail to compare to Ethereum, and this can be seen in the continued fall in the Bitcoin/Ethereum spread, which fell to a fresh two-year-low earlier this week and has been running-lower for much of the time since peaking in September of 2019.
Bitcoin/Ethereum Highlights Ethereum’s Growing Presence in the Crypto Space
Ethereum Jumps Up to Fresh All-Time-High
Coming into this week, Ethereum had already spent two weeks testing resistance at the prior all-time-high, which was set in 2018 at a price of $1,420.00. That level was tested each of the past two weeks but this week, bulls accelerated through to push the market all the way past the $1700 marker.
The fresh high, plus the major change next week with the listing of Ethereum futures contracts presents some significant change and possible turbulence to deal with. There’s no sign yet of this breakout reversing; but traders would likely want to remain cautious as anytime something that large is changing in a market, the range of possible outcomes similarly shifts to a much wider base of potential.
Ethereum Weekly Price Chart: Acceleration Up to Fresh All-Time-High
Should Ethereum pull back, there could be some possible opportunity for analysis to enter the equation. The prior batch of resistance, from around 1,420 up to 1476 could be looked at as potential support as taken from prior resistance.
Ethereum Four-Hour Price Chart
Bitcoin Bounces Even as USD-Strength Begins to Show
Despite the lackluster performance when compared to Ethereum this week, it was also a…
Go to the news source: Bid into a Busy Weekend