The recent bullish retest of Ethereum is another chance to those that actually missed out on the former rally. However, for those coming late, the current Ethereum bullish retest is one time opportunity, which may be taken in technical sense as a second chance after the first run up.
When trading range is left behind, Cryptocurrencies move both violently and quickly and for roughly four years, Ethereum has been trading between $12,400 and $100 and recently have retested the former resistance as support and held.
The germane flip in support used for resistance is presently confirmed and it is a unique market that moves up in a strong way.
By Market cap, Ethereum is the second ranked cryptocurrency and which currently started the phases of the ETH 2.0 upgrade that should rectify the scalability problems that can be deciphered from the network presently.
The activities on Ethereum is so high and regardless of challenges, the demand for Ether for ether gas is high while reserves on exchanges is low. For the foreseeable future, the price of one coin will continue to snowball in the coming future. n
The factor that have led altcoin to outperform bitcoin for a period of time may be premised on the retest of former resistance and support and which the ratio is brought back to the highs of early 2018.