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ETH Spiked To 4-Month High Surpassing $1300: Price Analysis

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ETH spiked to a 4-month high as it surpassed the $1300 price range while Bitcoin’s dominance continues dropping so let’s read more in today’s ethereum news today.

Bitcoin failed to double-down on the recovery and remained stagnant between $32K and $33K over the past 24hours. The large-cap altcoins were led by ETH and charted gains against Bitcoin while its dominance continues its negative sentiment and dropped to 63%. After BTC dropped below $29,000 earlier this week, the asset was headed for a fast recovery session as it has already done before. A day ago, the cryptocurrency gained more than $5000 to value. This resulted in BTC hitting $34,000 which became the daily high and strong support turned resistance level but BTC failed to break higher and a new rejection drove it down by $2000 to below $31,500.

btc/usd
BTCUSD. Source TradingView

In the next few hours, BTC initiated another leg up which took it to about $33,000 but the benchmark cryptocurrency couldn’t breach above it and now trades beneath this level. From a technical standpoint, BTC still has to overcome the critical resistance level at $34,000 and $36,200 to resume the bull run so the support level at $30,760 and $30,000 and $29,630 as it could assist in case of a new correction.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Most of the alternative coins slowed down after the double-digit gains made yesterday. On the 24-hour scale, XRP, Cardano, and Bitcoin Cash marked minor losses while Binance Coin, Polkadot, Litecoin, Chainlink added about 1%. Ethereum gained the most in one day, marking an increase of 4.5%. ETH spiked to a 4-month high above $1300 while also surging against BTC. The ETH/BTC pair was at an 8-month low at the start of the new year and trading around 0.024 but the latest price action led ETH to a 4-month high of over 0.04 BTC per ETH. The all-time high of the pair was set in January 2018, when the coin was more than 0.14 BTC.

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The lower capo altcoins displayed some more fluctuations over the past 24 hours like Qtum which became the most impressive gainer with a 25% surge, Aave by 15%, Verge by 12%, and Ocean Protocol by 10%. Bitcoin’s inability to break above the $34,000 while other altcoins gained value and made bitcoin’s dominance to drop to 63.3%.

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