The Ethereum rally is always very robust as it follows fairly tiny swings within an upward trend. And therefore, in the event of a dump, it offers strong support for the ETH price. However, the asset has had very strong monthly value and is currently testing the resistance zone around $ 3555.
While the most dominant crypto, Bitcoin, remains passive, ETH takes the lead. It seems that the BTC price could consolidate in a narrow range for some time to come. And therefore Ethereum could overtake and collect the other altcoins as well. While the foreign exchange reserve for ETHUSD decreases with the price increase, the reserve for BTCUSD experiences a retreat.
Currently, ETH price is moving sharply towards the next resistance level around $ 3600. Once that’s done, the next levels to test will be near the current ATH, which is only 25% away. While Bitcoin is very different from its peak and therefore it appears that Ethereum is being detached from the Bitcoin rally.
In contrast to the bullish movement wave from July 21 to August 23, the wave was more or less similar in both BTC and ETH. While ETH is currently overtaking Bitcoin and has reached a higher level. No doubt Bitcoin still remains strong but is showing some bearish signals.
In the race for supremacy, the Ethereum price can break away from the Bitcoin price and maintain an upward trend. Conversely, one of the analysts, AlanSantana, says that the BTC price will eventually follow the ETH price and soar to new highs. In addition, with the increasing dynamism, many altcoins could follow and soon call for another old season.