The price of Ethereum reached a new all-time high this Friday, surpassing USD 2000 and reaching USD 2111, the price at which it was trading at the close of this note.
The exceeded 2K barrier was a benchmark target for many traders, who are now expecting a bullish rally in the world’s second largest crypto currency market.
This upward movement of ETH coincided with a drop in the Bitcoin Dominance Index, a metric that measures the market capitalization of the flagship crypto currency, BTC, versus that of the rest of the crypto currency market, to its lowest levels since October 2020.
A falling index suggested relatively higher capital moving toward bitcoin rivals, which may have pushed Ethereum prices up. Other crypto currencies, including Bitcoin Cash, Lite coin, Chain-link, and Binance Coin, also rose higher on the prospect of a so-called “altcoin season.”
The main question remains whether Ethereum could continue to trade higher after breaking the $ 2,000 barrier. Key to this is what happens on the weekend. Some analysts claim that ETH needs to first confirm a daily close above $ 2K to shift the level to support. If it succeeds in doing so, it would face no resistance to extend its rally to $ 2,500.