The ETH price exploded past $600 this morning, driven by the ongoing crypto market rally that has also seen Ripple, Zcash, and Stellar surge higher.
ETH, which is the most robust network in the crypto space and second only to BTC in terms of market cap, has seen an astronomical price uptick as more retail traders put money into the altcoin.
The asset has gained nearly 10% in the past 24 hours on the back of a weakening US dollar that is making hard assets like crypto especially attractive to investors. Moreover, bullish news of the imminent launch of ETH 2.0 has also reinvigorated interest in the digital assets market.
The ETHUSD pair started a fresh increase and cleared the $580 resistance before tapping $600. This level is viewed as the last resistance zone before ETH can retest an all-time high.
At the time of writing, ETH is struggling to reclaim the $600 mark amid inflows of intense selling pressure that are slowing down the crypto asset’s ascent.
ETHUSD Chart By TradingView
Many crypto enthusiasts will now be watching to see just how far this current rally will go in the coming days.
BTC Struggles Below $18.8K
Unlike Ethereum, BTC has undergone a couple of swing moves that took the king coin toward the $18,200 and $18,000 levels.
The last swing high was near $18,700 before the world’s leading crypto dived below $18k. BTC even traded near the $17,500 support before starting a fresh climb to $18,150. As of this article’s writing, BTC is up nearly 0.1% at its current price of $18,353.
BTCUSD Chart by TradingView
The flagship digital asset has struggled to gain momentum and seems to be facing a strong resistance as selling pressure mounts. If the BTCUSD pair stays above $18,000, it could attempt another surge towards the first resistance near the $18.5K.
From here, the next major hurdle for the bulls sits near the $18,800 level, after which the coin could retest the $19K resistance.
Retail Pressure Should Keep BTC Price Afloat
The rising retail interest in the crypto market should be enough to limit downsides in the BTC price while the digital asset consolidates gains.
As per analysis by blockchain investment fund Pantera Capital, one of this demand’s primary drivers is payments giant PayPal, whose users may buy more Bitcoin than are mined each day.
The ensuing supply shortage due to mounting retail buying pressure could end up driving the BTC prices radically higher in the weeks ahead.