Ethereum price has been rocketing higher throughout the past few days, sudden rally from the mid-$700 region to over $1,200

Ethereum price has risen higher in the past few days, with its latest bull run starting after a sudden spike from the mid $ 700 region to over $ 1,000. At press time, ETH is trading around $ 1,215, recording a 14% gain over the past 24 hours. ETH has now established a solid foothold in the zone above $ 1,000 and the bulls confirmed this level as support yesterday.


ETH/USD 4-hour chart | Source: TradingView

Ethereum price appears to be targeting a move to new all-time highs

According to Glassnode, perhaps because of the price increase, the number of addresses containing more than 10,000 ETH has hit a 10-month high, at 1,088.

At the time of writing, the Ethereum price is just over 13% up at its current price of $ 1,215. This marks a noticeable rise from a daily low of just under $ 1,000 set around this time yesterday.

ETH appears to have pulled out well in the face of some resistance around $ 1,150, making a breakout above this level technically significant in the short term. Bitcoin’s current phase of consolidation is fueling altcoins and could give ETH continued strength in the short term.

According to professional trader Cactus, this latest rally has brought Ethereum to a key zone of resistance. He notes that this is almost the moment of truth for cryptocurrencies and may be ready to see even more significant gains in the short term.

He stated:

Meanwhile, according to founder Global Macro Investor and Real Vision Group, ETH is gaining momentum and price exactly like BTC in 2017. Both have the same price structure and if so, there’s a high chance that ETH will continue. Bitcoin’s bullish momentum?

The next few days will give investors some serious insight into Ethereum’s trend in the medium term, based on Bitcoin’s nascent consolidation model.

You can see the ETH price here.

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