Ethereum, the largest altcoin by market cap, are on the verge of launching Ethereum 2.0 by the end of this year. With the buildup momentum, Ethereum has surged over the past couple of days with almost 20% move upward from $269.85 to $311.88 as the volatility steadily comes back to the cryptocurrency market. This rally could be also the result of the recent new legalization allowing all licensed US banks to offer custody services to cryptocurrencies.
This increment has now recovered by 185.70% from March’s depletion to $108.93, although, there’s a some level of resistance to blow-off above. The current ETH price action is showing bullish signals which if breaks up this level in the up-coming weeks, it could be a catalyst for much-anticipated ‘altcoin-season’ which is rarely seen since 2018. This season will result on fall of the Bitcoin dominance and create an independent ecosystem for investors to opt in to ETH, XRP and other altcoins. Currently, the Pearson co-efficient between BTC and ETH sits at 0.930.
In contrast Ethereum almost is bullish, it severely needs a high after the sequential lows. The last all time high was seen on early 2018 at $1231.94. The next downward from here would point out to further lows up to $215.43.