Ether overcame resistance around $4000

by in Cryptocurrency News

ETH

Bitcoin (BTC) is not alone this week, showing strong growth. Together with the leading cryptocurrency, ether (ETH) also adds value.

Altcoin soared above $ 4,000 for the first time since early May 2021. On the night of Thursday, October 21, the ETH rate strengthened to $ 4070. ether capitalization now exceeds $ 480.736 billion.

As a reminder, on May 11, 2021, ETH reached $ 4168 on some exchanges. However, soon the coin began to fall in price, and as a result, in June, its price fell below $ 1900. The ascent resumed only at the end of last month.

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The last and most important impetus was the so-called October rally of bitcoin, with which the ether correlates. According to trader Justin Bennett, the altcoin is faced with the task of staying above $ 4000, which will transform this resistance zone into a support zone.

The warming up of sentiment in the camp of institutional investors is signaled by the increase in the number of Ethereum options with exercise prices from $ 10,000 to $ 50,000 per coin by the end of March 2022.

A note published by QCP Capital says that ETH could rise to $ 20,000 or more next year if we get Ethereum ETF futures following Bitcoin.