Ethereum price marked the most bullish monthly close and surpassed the $3500 mark and heading strongly towards the next target
With the continued pace, the ETH could eventually form a new ATH and flip bitcoin as the BTC price is more or less stagnant
Ethereum’s rally is always very sturdy as it follows pretty minute fluctuations within an ascending trend. And hence, it provides strong support for the ETH price in case of any dump. However, the asset had a very strong monthly and currently testing the resistance zone around $3555.
While the most dominant crypto, Bitcoin remains passive, ETH takes the lead. It appears that BTC price could consolidate within a narrow range for some more time. And hence Ethereum could overtake, rallying the other altcoins as well. While the exchange reserve for ETHUSD is decreasing with the increase in price, the reserve for BTCUSD is experiencing a pullback.
Currently, the ETH price is heading strongly towards the very next resistance level around $3600. Once done, the next levels to test resides close to the current ATH around which is just 25% away. Whereas Bitcoin remains much distinct from its peak and hence it appears that Ethereum is being detached from that of Bitcoin rally.
Unlike the bullish move wave from July 21 to August 23, the wave was more or less similar with both BTC and ETH. Whereas currently, ETH has just moved ahead of Bitcoin and went to hit higher levels. NO doubt, Bitcoin remains still strong but showcases some bearish signals.
While in the race of supremacy, Ethereum price is may get detached from that of Bitcoin price and maintain an uptrend. Conversely, one of the analysts, AlanSantana says that BTC price will eventually follow ETH price and surge to new highs. Additionally, with the building momentum, many altcoins are also could follow calling for yet another Altseason soon.