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Ethereum nears its own all-time high as ETH price retakes $4K

Published 10/20/2021, 11:30 AM
Updated 10/20/2021, 01:40 PM
© Reuters.

Ethereum's native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level.

ETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase (NASDAQ:COIN) exchange for the first time since May 2021. The cryptocurrency's run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery.

ETH/USD versus BTC/USD daily price action. Source: TradingView
ETH/USD daily price chart featuring ascending triangle setup. Source: TradingView.com

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