After trading in a tight range below $390 for the past week, Ethereum finally gained strength to break through the $400 resistance in yesterday’s trading.
As a result, the second-largest cryptocurrency embarked on an intense rally that drove it to a new 2-year high at $432. At the time of writing, the ETH price has gained a further 3% to trade at $438.10.
The latest rally caught the attention of prominent crypto trader TeddyCleps, who suggested that ETH price could rally much higher if its price clears the next significant resistance.
The analyst shared the chart below that shows ETH/BTC moving towards a price ceiling that had historically stopped the pair from extending its uptick in 2018.
According to TeddyCleps, a clear break above the lower trend line on the chart would ignite a new buying spree that could drive ETH/BTC pairs towards the upside target near 0.055 BTC.
Bitcoin Price Consolidates Gains below $12k
Bitcoin has been stuck below $12K for the past few weeks as the asset faces immense selling pressure that has slowed down its rally.
However, buyers have not been left on the sidelines, as they continue to ardently defend the $11,500 level in recent sessions.
While BTC continues its consolidation within the mid-$11,000 regions, it seems that neither the bulls nor bears can gain control of its short-term price action. At the time of writing, the BTC price is up 1.6% at its current price of $11,912.
BTC Gains Some Welcome Publicity on Twitter
Interestingly, the leading digital asset got an unexpected publicity boost when renowned crypto trader Dave Portnoy invited the Winklevoss twins (founders of the Gemini exchange) to his home.
Portnoy then proceeded to ask the twins a few questions about Bitcoin in what looked like a professional video craftily created for his twitter channel.
During the meeting, the twins guided Portnoy on how to purchase crypto from Gemini exchange using $250K that the trader had earlier deposited.
Since Portnoy is wildly popular on twitter with over 1.7 million followers, this initiative could potentially make BTC known to more people outside the crypto world.