Ether (ETH) rebounded to $500 for the first time in more than two years on November 20, as altcoins gradually recovered their poor performance.

An overview of the Coin360 cryptocurrency market.
Ether saw a price of $500 after more than two years
Data from Cointelegraph, Coin360 and TradingView show that the ETH/USD currency pair briefly encountered major psychological obstacles last Friday, after which the transaction was rejected.

Although the daily income was limited to about 6% on the day of release, the performance of Ether surprised traders. They found that the largest altcoin overall even surpassed Bitcoin (BTC) in 2020.

Year-to-date, Ether’s sales are 284% and Bitcoin’s is 155%.

Contrary to the price drop in mid-March, Bitcoin remains the strongest participant after the cross-asset collapse caused by the coronavirus. At that time, the trading price of Ethereum/US dollar was only US$117, which was a 327% increase last Friday, while the BTC/US dollar currency pair rose from US$3,600 to US$18,420, an increase of 411%.

Since the beginning of the year, the price of Bitcoin has been compared to the Ethereum chart. Source: Digital Asset Data
In addition to the $500 visit-the first visit of Ether since June 2018-other major altcoins also showed signs of life, especially Litecoin (LTC), which scored 12% higher than Bitcoin on the day and was the only one better than BTC Main currency. -7% in the last month.

Earlier, Cointelegraph Markets analyst Michael Van de Pope believed that the new “old season” would have to wait, but the actual peak of the next rise in Ethereum could reach $20,000. .

In an interview with Cointelegraph by Van de Poppe, Nugget’s News CEO Alex Saunders predicted that by the end of 2021, Ethereum/USD will exceed its current historical high of $1,400.

Bitcoin returns to the challenge of $18,420
At the same time, Bitcoin regained a gain of $18,000 on Friday and continued to face resistance from its previous high of $18,420 earlier this week, which attracted most attention.

Since the 2017 high of $20,000 is the only major resistance above the chart, expectations for further gains remain high.

The reversal may not have reached $11,600 and has not happened yet. Now, $17,200 is a stable basis for the bulls.

Source: CoinTelegraph

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