The continued positive run by Bitcoin seems to have had a small positive effect on Ethereum since
Tuesday. ETH/USD pair has managed to break past the $470 barrier and the coin is currently trading at $476 in the market.
Despite its positive effect, it does not seem like Ethereum prices have been affected in a major way. The coin value is fluctuating in sync with BTC. The number of transactions per day has started going up since the last week. The cumulative transaction fee is still quite low compared to the previous high we witnessed in January.
We believe that Ethereum has been lagging Bitcoin more than a little during this recent rally. The coins should have been over the $500 level based on our projections but we are still a long way to go before we see the bulls make a run for it. The good news is that ETH is holding out above the $470 level. There was a slight dip on Wednesday which lasted a few hours before the prices picked up again.
Currently, the coin is battling with the 50-day simple moving average at the $482 level. Key resistance sits above at the big round number of $500 where we will see strong selling pressure. Once the resistance is cleared, we can expect there to be some support at that price which should push ETH value higher.
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