Ethereum’s Ether token (ETH) enjoyed a “massive” rebound towards $3,000 on Aug. 5 as optimism flowed in after its London hard fork went live.
Data from Cointelegraph Markets Pro and TradingView showed ETH/USD climbing swiftly to local highs of $2,820 on Bitstamp Thursday.
The sudden burst of enthusiasm countered a downtrend which had set in after the initial uptick following London’s successful deployment the day before.
After a wick down to as low as $2,530, Ethereum outperformed many altcoins on hourly timeframes, setting its sights on resistance nearer to the $3,000 mark.
Out of the past 16 Daily candles for $ETH…
— Rekt Capital (@rektcapital) August 5, 2021
For Cointelegraph contributor Michael van de Poppe, the incoming resistance was nonetheless essential to break in order to secure bullish continuation.
“Ethereum makes a massive bounce upwards here from the critical level at $2,535,” he summarized to Twitter followers.
“However, didn’t crack and flip the resistance at $2,850-2,925 yet. That’s required to flip in order to continue toward ATH’s.”
“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 that drove the $BTC move to ~$42000 last week is now flowing into some Altcoins.”
In a further triumph, ETH/BTC also looked set to reclaim important resistance at 0.07, a level in place for several weeks.
Bitcoin plays catch-up
At the time of writing, ETH/USD circled $2,800, while BTC/USD was approaching $39,000 in a comeback of its own.
The largest cryptocurrency had dipped to $37,290 earlier Thursday, having previously failed to clinch $40,000 even briefly overnight.
Related: Bitcoin hits $39K highs as SEC Chair comments give BTC price 2% boost
Buyer support on major exchange Binance remained firm at $36,000 and upwards, while sellers were lined up at $41,500.