Just over 24 hours ago, Bitcoin broke above the $51k-mark and people from the crypto-community were quite elated. Ethereum, however, was oscillating around $3.4k at that time.
During the initial few days of September, both cryptos recorded upticks of more or less the same magnitude. This isn’t the case anymore though. In fact, their differentials of +3% and -2.3% are indicative of the fact that Bitcoin is in the driver’s seat at the moment.
How might things play out?
Ethereum is currently at the door of its last reasonable resistance around the $3.6k-zone. However, this level isn’t the type to sell into. As per the broader market trend, the same could anytime flip into support. In effect, the aforementioned threshold would invite additional longs to the picture and aid them in encashing on the favorable momentum.
ETH/USDT || Source: TradingView
A move above the $3.6k-resistance would open up a lot of space to the upside. What’s more, the alt’s next major test would be only around the $4k-level. If Ethereum manages to reach there in the coming days, then, quite obviously, the close to all-time-high numbers would make the asset even more attractive to traders who have a higher risk appetite.
In effect, the odds of Ethereum’s up-leg continuing would intensify even further.
In fact, even the state of the alt’s metrics supported the uptrend narrative, at the time of writing.
The cumulative miner balance, for instance, has skyrocketed of late. The same is currently at its highest level since July 2016. The value of all the coins, 526k miner-held coins, in total, was around $1.85 billion, at press time.
Additionally, the ratio of the top 10 non-exchange v. exchange whale wallets hit a new record recently. The former category of whales jointly hold over 22.91
