Photo: Coin Telegraph
(Coin Telegraph) - Bitcoin’s price has been broken past a major resistance level of $52,000 in the past few days and is approaching the all-time high region.
However, other cryptocurrencies are rallying heavily as well. In the recent months, the market has seen massive surges for Cardano's Ada, Polkadot's DOT, and Cosmos' Atom.
These altcoins have been seeing impressive gains as Ethereum (ETH) faces scalability issues and high network fees. This is resulting in negative sentiment on social media, where some investors and traders are doubting whether a bullish breakout will happen for Ethereum price.
Ethereum holds a critical level for continuation
The U.S. dollar chart for Ethereum shows a major pullback in February and March, with ETH price dropping from $2,000 to $1,300. This was a 35% correction and was pretty healthy for the bull market before it can resume.
The bull cycle is intact as long as it doesn't lose the critical levels, namely the $1,300 region, which was confirmed during this latest pullback.
Read more from the original article here.
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