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ETHUSD gets a helping hand from Bitcoin

14 Jun, 2021

The Elon Musk inspired rise in Bitcoin, close to 40k today has had an impact across the whole cryptocurrency spectrum. Obviously that is more often than not the case anyway and it certainly applies today. The move higher in BTC has helped to push Ether back above $2500 today. Earlier it lifted to as high as 2548 and the rebound back above 2500 has surely stopped it from suffering a deeper demise, back towards 2000 that was looking increasingly likely had BTC not made this latest move. However, and not withstanding that fact, Ether is still under pressure in relative terms as it continues to pare back its most recent 2021 gains that it had notched up against its leading rival. Indeed, Ether had briefly dipped below 2300 on Saturday. Ether is now edging lower again, from that earlier high versus the dollar as that unwind versus BTC continues to make lasting gains hard fought and right now further upside in the ETHUSD looks like needing further continued support from BTCUSD. ETHUSD is just now trading at 2494
 

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