It has been an important and profitable weekend for most traders. The bulls began a brave push on Saturday which seemed to hit its peak on Sunday. Its significance was noted by a number of coins that broke above recent resistances and out of range. One of these is the godfather of crypto, Bitcoin.
The top coin’s breakout began on Friday as it climbed above $9,500. By Sunday, the coin had tested the $9,800 higher resistance and violently approaching $10K. By the close of the day, after Bitcoin briefly pulled back below $10K again, it hit its stride and early today was ranging in the $10,200 highs.
This was much the same trend with most top coins. But most have not staged a rebound at the start of the day. At the time of press, most have slipped back in the red. XRP for example, on Sunday it climbed above $0.23 but has slipped to the $0.21 range. Briefly, it looked like the bullish trend would be a wider market bull trend, but the performance at the time of press is sobering for most altcoin holders.
Is $500 ETH Coming?
One coin that has continued upward is Ethereum. Arguably, it was the coin that triggered the wider market rally during the weekend. The bulls are in full FOMO mode as the Ethereum 2.0 which has been awaited for months nears. At the start of the week, the largest altcoin is the best performer in the top ten with an increase of 8%. This move has seen the altcoin top $325 encouraging bulls that the coin is not stopping or being slowed by resistances. Some analysts believe that the current bull wave could see the asset reach $500.
Propelling Ethereum however is not just the launch of Ethereum 2.0. Popularity around Defi projects has been increasing and Ethereum is believed to be a top contender to be a market leader.
In the next few days, investors will try to hit a higher high and set high support before there is a retracement. Ideally, they will hit $350, with a pullback seeing prices settle above $320.