While Bitcoin (BTC) surpassed the $ 17,000 level, Ethereum (ETH), the largest altcoin, saw a relatively steady momentum. However, ETH is trying to gain a substantial foundation by pushing it above the $ 470 level, which is considered a crucial resistance level today.
A popular crypto analyst believes that the $ 480 level is a key level for ETH, and a definite break at this level will drive ETH to $ 500.
If Ethereum recently hits above $ 500, then it could enter a full-fledged uptrend and gain a foothold against its biggest rival, Bitcoin. Ethereum is struggling to keep up with the momentum Bitcoin has seen lately. While Bitcoin hit its highest post-2017, ETH continues to trade below its annual high set just a few months ago.
This decline in ETH performance is quite surprising, as ETH typically outperforms BTC during market-wide power periods and underperforms during downturns.
Therefore, a potential break in Ethereum would act as a catalyst for a massive uptrend, analysts say.
Ethereum Tracks Bitcoin’s Momentum
Ethereum is trading at $ 482 as of writing, and this level is slightly above the level it has traded for the past few days. The sales pressure to be experienced in this region is of great importance for ETH. If it can get a solid place above this level, ETH will easily see the $ 500 level.