Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the beginning of the year amid a renewed appetite for altcoins.
ETH/BTC (Binance) 1 day candlestick chart. Source: TradingView
Altcoin has a market capitalization of $700 billion
Data from Cointelegraph Markets Pro and TradingView confirm that ETH/BTC cleared key resistance above 0.08 BTC on August 13th.
The move is impressive for the largest altcoin, Ether, as the area around 0.075 marks a troublesome selling area that has kept the former bulls in check since January.
At the time of writing, ETH/BTC is holding the newly won level, as traders are wondering how long its strength might last.
As previously reported by Cointelegraph, ETH/USD crossed $2000 overnight, a significant psychological limit in and of itself that has not been seen since May.
Indicating a backlog in the development of altcoins, on-chain analytics firm Glassnode looked at investors’ desire to increase their exposure to risk in the current atmosphere.
Co-founders Jan Alemann and Jan Abel wrote in the latest edition of the “Uncharted” newsletter:
“Since the Ethereum consolidation has become more visible, ethereum has outperformed bitcoin, sending altcoins higher.”
The total market capitalization of cryptocurrencies has reached its highest level since the end of May this week, exceeding $700 billion, according to figures from TradingView and CoinMarketCap.
One-day candlestick chart for the Altcoin market. Source: TradingView
ETH price analysis still favors a bear market
Turning to Ether’s potential price targets, traders nonetheless remained conservative after months of rally.
Related: Price Analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
The famous Crypto Chase account summed up: “From ETH to $2,200 as long as we stay above $1,737”:
“Once the untapped highs start showing up (and there is no reversal), the rest of the highs usually face the same fate. I don’t set my eyes on a specific level or setting for a long shot just yet, but will update if I see one.”
“LTF trend vs. bullish: I am looking to breakout if $2k is claimed ->$2.4k,” fellow Karoush AK account continued:
“HTF is neutral bearish: it is not a bullish market, just a bearish market. Underwater bag holders stand a chance of getting rid of the $2,000 resistance.”
In its latest market update for Telegram channel subscribers, meanwhile, trading firm QCP Capital reiterated the need for a cautious approach to further gains in the booming cryptocurrency market.
The staff wrote that the open interest (OI) in derivatives markets was of particular interest, with ETH nearly doubling the activity of BTC.
“ETHBTC has breached the 0.08 level and the ETH Open Interest (OI) option is at an all-time high of $8 billion, overshadowing the $5 billion BTC OI option,” she wrote:
“There are still concerns about a sharp split with September ETH futures trading below -8% (annualized) against the spot. We took some profit on the spot spread position against the short futures.”
She added that the event of the Ethereum merger in September could be an inflection point for the markets.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.