The price of Ethereum (ETH) has surged by nine percent against the U.S. dollar in the past 24 hours following the 38 percent rally of bitcoin in the past 30 days.
The price of Ethereum has spiked 9 percent on the day against the U.S. dollar.
The recovery of Ethereum was somewhat expected by traders as the asset demonstrated a lackluster performance in the first quarter of 2019.
While the bitcoin price recorded a staggering 110 percent gain against the U.S. dollar year-to-date, prior to its recent nine percent spike, Ethereum was up about 51 percent from $136 to $206.
With Ethereum and Other Major Assets Rising, Will Bitcoin Continue to Rise?
It took bitcoin more than three months to break out of the $4,000 resistance level in the early months of 2019. Yet, in less than a month, the bitcoin price spiked from $5,000 to over $8,000, breaking out of key resistance levels at $6,000 and $7,000.
As one trader said, although some expect bitcoin to retrace in the near-term, both technical indicators and the momentum of the dominant cryptocurrency remain bullish, raising the overall sentiment around the market.
“After breaking the much anticipated 6000 level BTC still looks amazing. Trend, momentum and sentiment are all clearly bullish. That said it’s at resistance and a pullback would make sense. I’d much rather be a buyer at support than a seller at resistance,” the trader said.