ETH/USD bulls have $5000 firmly in their sights

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Cryptocurrencies and other risk markets across the globe dipped sharply as a reaction to the new Covid-19 variant. However, we now see cryptos recovering and Ethereum has been rising at a faster rate than Bitcoin. At the time of writing it was up more than 11% in the past 7 days compared to a rise of 3.85% for Bitcoin.

Bulls have helped Ethereum to break through key resistance levels and $5000 looks like a viable target. It has also been gaining ground against Bitcoin and this has reawakened talks of a ‘flippening’. Whilst that remains a distant reality, a test of $5000 does not seem that far away.

If bulls continue pushing, we could see price levels reach the key resistance of $4800. Meanwhile, levels of $4400 are also important to look out for since this remains a key point of support. If we see this break, then a return back to $4000 could be on the cards.

Markets remain uncertain due to the lack of clarity on the new variant. Fear seems to rule the markets right now, but if the new variant is found not to pose a serious threat, then we could see this rebound continue. Historically, December has been a pivotal month for cryptocurrencies.

Where will the second-largest crypto end the year? Optimistic bulls will tell you that $6000+ is a feasible target whereas some bears are predicting a crash below $3000. Gas fees also remain an issue for the second-largest crypto, and there are projects which have been dubbed ‘Ethereum killers’. For now, Ethereum is holding strong and leading the rebound.