Ethereum has finally broken the $1,000 mark after three years. The cryptocurrency reached the milestone following a parabolic 40% price surge throughout Sunday. The second leading cryptocurrency passed $1,000 during an intense surge across the cryptocurrency markets yesterday. According to the independent analyst Josh Rager, ETH/USD is making a run towards the $1,250-1,350 area as resistance. Meanwhile, a clear breakout move above the said range would have the pair test its January 2018 high of $1,419.96.
Ethereum follows Bitcoin’s’ lead.
It is not clear what specifically caused the bull run of the second leading cryptocurrency Ethereum, but many analysts agreed that its gains emerged as a part of a so-called altcoin season. Ethereum’s upside moves matched sentiments across other top assets. For instance, Litecoin’s LTC climbed 11.50 percent on a 24-hour adjusted timeframe. Chainlink’s LINK surged 15 percent, while Cardano’s ADA and Bitcoin Cash’s BCH jumped 21 percent and 15 percent, respectively. Ethereum also drew its bullish cues from the anticipation of higher demand as its active supply runs dry. The price of the second leading cryptocurrency is expected to follow a positive rally in the short term.
Bitcoin continues to record daily highs.
Ethereum hit $700 last week, as Bitcoin continues to record daily new highs, hitting $34,800 for the first time on Sunday. Ether trailed, leading the ETH: BTC ratio to decrease to around 0.025. The ratio is seen as a key performance metric for the two assets among traders and investors alike. According to EtherScan data, Ethereum’s very-own smart contract that powers its recent upgrade to proof-of-stake has locked about 2.2 million ETH out of supply. It is equivalent to $2.33 billion at the time of writing.