{"id":107023,"date":"2021-01-04T08:07:08","date_gmt":"2021-01-04T08:07:08","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107023"},"modified":"2021-01-04T08:07:08","modified_gmt":"2021-01-04T08:07:08","slug":"ethereum-price-explodes-past-1100-as-bitcoin-stagnates","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-price-explodes-past-1100-as-bitcoin-stagnates\/","title":{"rendered":"Ethereum Price Explodes Past $1,100 as Bitcoin Stagnates"},"content":{"rendered":"<p>Ethereum is in the midst of rocketing higher despite stagnation in the Bitcoin price. Just minutes ago, the cryptocurrency pierced $1,100 after holding the $1,000 price level.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/etsbGXyh\/\"\/><\/p>\n<p>Chart of ETH&#8217;s price action over the past few weeks from TradingView.com. ETH is now up by over 100% in the past 10 days due to the capital rotation from BTC into the altcoin market.<\/p>\n<p>The cryptocurrency has since corrected back under $1,100 but remains up by over 36% in the past 24 hours. BTC is strongly underperforming in this latest leg of the bull market. Per CoinGecko, BTC is down 7.5% in the past 24 hours while Ethereum has gained nearly 40%.<\/p>\n<p>This is a byproduct of Bitcoin profits cycling into altcoins at a rapid pace, which was something seen throughout 2017&rsquo;s bull market.<\/p>\n<p>Analysts expect this trend to continue as long as Bitcoin continues to consolidate between $32,000 and $34,000 as it did today.<\/p>\n<p>A decisive break in either direction would likely end the ongoing price action that is currently playing out in the altcoin market.<\/p>\n<h2><strong>Ethereum Price Explodes Higher, And More May Be Coming<\/strong><\/h2>\n<p>Ethereum is expected to move higher in the days and weeks ahead as the market seemingly remains under-allocated to the cryptocurrency.<\/p>\n<p>Matt Kaye, a managing partner of Blockhead Capital, recently said that he thinks ETH will soon move to a new all-time high and beyond.<\/p>\n<p>He noted that institutions are starting to take notice of Ethereum while trends surrounding DeFi will further drive demand for the coin.<\/p>\n<p>With Grayscale&rsquo;s Ethereum Trust also soon reopening, ETH should continue to see an influx of demand, Kaye suggested.<\/p>\n<p>I don&#8217;t see how $ETH doesn&#8217;t rip through ATH &amp; head toward $2k:<\/p>\n<p>-Under allocated<br \/>-No pullbacks to enter<br \/>-Institutional interest<br \/>-ETHE unlock (pay back borrow)<br \/>-New ETHE round opening w\/ high premium<br \/>-$600 stim checks<br \/>-Lower unit cost &amp; marketcap<br \/>-Defi \/ EIP 1559 \/ L2<br \/>-Name brand pic.twitter.com\/qJX2REXhk7<\/p>\n<p>&mdash; Matt.sBTC &#129488; (@Matt__Kaye) January 4, 2021<\/p>\n<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-explodes-past-1100-as-bitcoin-stagnates\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is in the midst of rocketing<\/p>\n","protected":false},"author":3,"featured_media":107022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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