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Ethereum nears $3K resistance, as Bitcoin price recovers toward $40K

Bulls can smile after a downtrend is quickly ended by a sudden shift in sentiment over shorter time frames.

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Ethereum nears $3K resistance, as Bitcoin price recovers toward $40K

Ethereum's Ether token, (ETH), saw a "massive” rebound to $3,000 on Aug. 5, as optimism flooded in following its London hard fork.

Cointelegraph Markets Pro and TradingView data showed that ETH/USD rose quickly to local highs at $2,820 on Bitstamp.

This sudden surge of enthusiasm countered the downtrend that had established after London's successful deployment on the previous day.

Ethereum beat many altcoins in hourly time frames, with wicks as low as $2530. It now targets resistance closer to $3,000

Michael van de Poppe (Cointelegraph contributor) felt that the incoming resistance was still necessary to overcome in order to ensure bullish continuation.

"Ethereum makes a massive bounce upwards here from the critical level at $2,535," he summarized to Twitter followers.

"But, I haven't cracked and flipped the resistance at $2850-2,925 yet. This is what you need to do to move towards ATH's.

The move came as trader and analyst Rekt Capital noted that investors were reawakening their interest in altcoin markets more broadly following last week's significant Bitcoin (BTC) price pump.

"BTC is consolidating at highs, trying to perform an all-important retest of the top of the Weekly range it broke out from last week," he tweeted on the day.

"Meanwhile some of the capital which drove the $BTC to $42000 last Wednesday is now flowing into some Altcoins."

ETH/BTC looked poised to regain important resistance at 0.07 in a victory that was repeated for many weeks.

Bitcoin is playing catch-up

At the time this article was written, ETH/USD was at $2,800 while BTC/USD was close to $39,000.

The largest cryptocurrency had dipped to $37,290 earlier Thursday, having previously failed to clinch $40,000 even briefly overnight.

Buyer support on major exchange Binance remained firm at $36,000 and upwards, while sellers were lined up at $41,500.

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