Ethereum'due south Ether token (ETH) enjoyed a "massive" rebound towards $3,000 on Aug. five as optimism flowed in later on its London hard fork went live.

ETH/USD i-60 minutes candle chart (Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed ETH/USD climbing swiftly to local highs of $2,820 on Bitstamp Th.

The sudden burst of enthusiasm countered a downtrend which had set up in after the initial uptick following London'south successful deployment the day before.

Later on a wick downwardly to as low as $2,530, Ethereum outperformed many altcoins on hourly timeframes, setting its sights on resistance nearer to the $three,000 mark.

For Cointelegraph contributor Michael van de Poppe, the incoming resistance was nevertheless 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-two,925 yet. That'southward required to flip in order to proceed toward ATH'south."

The motility came every bit trader and annotator Rekt Upper-case letter noted that investors were reawakening their interest in altcoin markets more broadly following last week's significant Bitcoin (BTC) price pump.

"BTC is consolidating at highs, trying to perform an all-important retest of the summit of the Weekly range it bankrupt out from final week," he tweeted on the day.

"Meanwhile, some of the upper-case letter that drove the $BTC move to ~$42000 terminal week is now flowing into some Altcoins."

In a farther triumph, ETH/BTC also looked ready to reclaim important resistance at 0.07, a level in identify for several weeks.

ETH/BTC 1-day candle chart (Bitstamp). Source: TradingView

Bitcoin plays take hold of-upwards

At the time of writing, ETH/USD circled $ii,800, while BTC/USD was budgeted $39,000 in a improvement of its own.

BTC/USD 1-hr candle chart (Bitstamp). Source: TradingView

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 equally SEC Chair comments give BTC price ii% boost

Buyer back up on major exchange Binance remained firm at $36,000 and upwards, while sellers were lined upward at $41,500.

BTC/USD buy and sell levels (Binance) as of Aug. 5. Source: Material Indicators/ Twitter