- The ETH/BTC chart achieved a three-year high of 0.857 BTC.
- ETH will face a significant challenge at $4,323.
As Bitcoin and other altcoins have been trying to recover from recent losses, Ethereum has outperformed the rest of the cryptocurrency market. Furthermore, Ethereum (ETH) is trading at a three-year high versus Bitcoin (BTC) after falling to a low of $3,400 over the weekend.
On December 5, the ETH/BTC chart achieved a three-year high of 0.857 BTC. Moreover, it is the highest level since May 2018. However, layer one token has recovered most of its losses. While Bitcoin and other altcoins are still unable to rise over their current levels.
Ethereum’s fast recovery versus BTC “it seems that investors are taking ETH as a hedge here,” according to popular crypto researcher Crypto Birb. In November, the ETH/BTC monthly close was the greatest in almost four years, according to Bitpanda’s Lukas Enzerdorfer-Konrad, and the bulls may have “some power left for an additional run.”
Bullish Momentum
Recovery of the $4,000 level indicates that ETH has demonstrated strength and is poised to break through to new heights.
At $4,211, the 78.6 percent Fibonacci retracement level seems to be the first hurdle for Ethereum’s price. ETH will face a significant challenge at $4,323. Where the SMAs of the 21, 50, and 100 twelve-hour periods meet. Bulls may be tempted to go for the November 26 high of $4,511. Only if the token manages to break over this level of resistance.
The $4,868 all-time high and the 127.2 percent Fibonacci extension level at $5,762 are two possible targets for Ethereum’s price. For the positive prognosis to be confirmed. Investors need to watch Ethereum’s price above the $4,000 psychological barrier.
