Ethereum strongly underperformed Bitcoin during BTC’s move to $16,000. In fact, for most of the rally from $13,000 to $16,000, ETH was trading for $380-400, failing to break higher.
But after BTC has begun to consolidate, ETH has finally started to break higher. Ethereum currently trades for $440, up 10% in the past 24 hours alone.
Analysts see this reversal as notable due to the fact that it comes at an important support level for the ETH/BTC trading pair.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Ethereum’s Bounce Is One of Importance, Market Analysis Shows
As noted by a prominent crypto-asset analyst during the move higher, ETH/BTC’s bounce comes at a pivotal level. The chart below shows that the bounce has allowed Ethereum to maintain a level of macro importance against Bitcoin, which held during the late-2017 correction, along with other corrections in ETH’s history.
The fact that Ethereum managed to bounce perfectly at this level suggests there is some upside for the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin against Bitcoin.
The same analyst noted that this bounce came on an influx of volume for Ethereum. This indicates that there were investors that cycled their profits from Bitcoin into Ethereum, sparking the strong 10% gain that we’ve