Ethereum Price Adds 13% Against BTC, Buyers Seek Rebound Back To Q1 2021 Highs
Ethereum price is solid above $ 2k with signs that the bulls will keep prices above this psychological level in the medium term.
At the time of writing on April 7, Ethereum's price is up 13 percent week-to-date, adding an impressive 11 times in the last year of trading.
Improving Ethereum bulls is a series of various fundamentals, including increasing adoption levels, the development around NFT and DeFi, and migration to Eth2.
Miami opts for Ethereum
For example, in a recent Block podcast, Francis Suarez, the mayor of Miami and a cryptocurrency advocate, along with Vitalik Buterin, revealed their collaboration to explore and adopt the Ethereum chain to run the city's services.
“We are trying to devise a project that goes through the foundation and directly with Ethereum that we can do with the city. We want the city to be directly involved in a way that demonstrates the applicability of the software so that we can continue to provide better services to our residents.
The mayor explained that the city's top priority is to adopt a decentralized information system, especially with looming security concerns like hurricane season that could disrupt service delivery.
Meanwhile, the price of Ethereum surged above $ 2.15k on April 6, recording a new all-time high. At the same time, the number of non-zero ETH addresses also grew to record levels above 56.7 million, data from GlassNode reveals.
In the battle for supremacy between Bitcoin and Ethereum, Anthony Scaramucci believes that ETH will eventually be the store of value once Eth2 is active.
ETH / BTC price analysis
Ethereum's price is up an impressive 13 percent against BTC in the last week of trading.
Based on the arrangement of the candles, the ETH / BTC price appears to be bottoming out. In particular, after weeks of lower lows, the price of ETH recently broke the highs of March 2021. There has been a follow-up, but the trading volumes are relatively low.
However, this is the building block for a possible rally towards 4.6k Sats or Q1 2021 highs in a price revision that would put ETH bulls ahead of BTC. On the weekly chart, there is a clear high volume double bar bullish reversal pattern.
Consequently, aggressive traders can load dips now that momentum is building on the daily chart. The bullish bars are forming bands along the upper BB, suggesting demand on lower time frames.
The first bullish target is 46.2k, highs from the first quarter of 2021.
Graphic courtesy of Trading View
Disclaimer: opinions expressed are not investment advice. Do your research.
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