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6 December 2023
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Ethereum Price Skyrockets Past $1,000 Amid Massive 30% Rally

The ETH price has shot higher over the past 24 hours after many days of consolidation and has finally managed to tap the $1000 mark just minutes ago.

The top altcoin has seen a colossal uptick over the past weekend that saw it break above the $700 resistance level. ETH continued higher and gained over 25% as it broke multiple resistance levels to trade above $1,000.

As of this article’s writing, the ETHUSD pair is up over 31% at its current price of $1,157. That price action now means that the Ethereum network’s native crypto has finally surpassed a nearly three-year high of $1,002.81.

ETHUSD Chart By TradingView

ETH Price Faces No Resistance Past $1000

Ethereum rallied even harder than BTC in the past year, gaining over 600% over 12 months. The second-largest cryptocurrency currently boasts a total value of about $110 billion.

The ongoing ETH price uptrend has undoubtedly received a boost from BTC’s parabolic run that saw it gain $4K in a single day at the New Year’s turn.

And while the popular altcoin is currently encountering some initial resistance around the lower- $1,000 level, one analyst says that the skies could be clear for the digital asset after it surpasses that hurdle.

While addressing the inspiring ETH rally, trader byzantine general argued that the trend is likely to continue as attention once again lands on altcoins.

The crypto analyst claims that a decisive move above $1K could spark a massive leg higher since there is little selling pressure for ETH above this level.

Ether is likely to face some resistance near the $1,200-1,300 zone, which is just a hair shy of the digital asset’s all-time high of $1,450.

Gold Is Lame, Says Buterin

Today’s milestone for ETH bolsters the prevalent narrative among top investors that gold will eventually surrender some of its market cap to digital currencies.

Ethereum co-founder Vitalik Buterin recently shared the view that younger folks are far more inclined to buy BTC, ETH, and other crypto assets. He addressed gold by claiming:

“One of the more underrated bull cases for cryptocurrency that I have always believed is simply the fact that gold is lame, the younger generations realize that it’s lame and that [USD] 9 trillion has to go somewhere.”

The growing interest in digital assets is expected to fuel the bullish price action in ETH, and gains from the coin will eventually trickle down to the rest of the altcoin market.

News Source

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