Bloomberg: Imperative for Bitcoin (BTC) to Surge If Ethereum (ETH) Has to Cross $1300

Bitcoin (BTC) and Ethereum (ETH) have slowly covered up the lost ground after their tumultuous price fluctuations on Friday, January 15. Off lately, the world’s two biggest cryptocurrencies have been moving in tandem with each other.

Bloomberg analyst Mike McGlone writes that Ethereum (ETH) is currently eyeing levels above $1300 as long as BTC continues to surge. Earlier this week, Ethereum (ETH) price took a momentary dip below $1000 on Monday, January 11, however, it quickly moved back and has been holding these levels strongly.

The Bloomberg strategist writes that ETH is pivoting $1000 from resistance to support. He adds:

“Ethereum is likely in the process of turning $1,000 resistance into support, as it did at about $100 in 2017. The No. 2 crypto-asset played some catch-up to Bitcoin in 2020, but the beta is rising.”

On the other hand, if we see, Bitcoin (BTC) has also moved back above $37,500 levels. Amid these price fluctuations, the realized profit/loss for the Bitcoin (BTC) network has come into neutral territory, notes on-chain data provider Santiment. The below chart by Santiment shows that there can be a renewed buying interest for Bitcoin (BTC), and thus for Ethereum (ETH).

Improving On-Chain Fundamentals for Ethereum (ETH)

Amid the price volatility, Ethereum’s on-chain fundamentals continue to improve! The Ethereum active supply on a 1-2 year timeline has reached a 3-year low as per Glassnode data.

On the other hand, the total number of non-zero addresses for Ethereum has reached an all-time high at the moment. Also, the mining activity for Ethereum has hit an all-time high. Crypto analyst Nick Chong presents other interesting details for Ethereum.

At press time, ETH is trading at $1212 with a market cap of $139 billion. the world’s second-largest cryptocurrency is already up 64% year-to-date.