Ether tops $3K in 2 Weeks for First Time
Since March 2, ether (ETH) has broken the $3,000 barrier for the first-ever time. It is the second-largest cryptocurrency in the world by market capitalization.
Except for a short spike to $3,000 in March and today’s major move to the upside, ether has remained mostly within the $2,400-$2,800 area during March.
ETH was trading at approximately $3,012 as of press time. This represents a 5.8% rise in the past 24 hours. The Ethereum token which powers the blockchain has also been able to trade at a lower price than bitcoin, the world’s most valuable cryptocurrency, with a market capitalization of $3,012. This is 3.8% more than the previous day.
“We are starting to see some strength in ETH relative to other assets within the ecosystem.” ETH/BTC trades at 0.07 again, and will soon be meeting some technical resistance at 0.072,” Matthew Dibb (COO and cofounder of Stack Funds) told CoinDesk via WhatsApp.
Dibb said, “The fundamentals of ETH are aligned to a move upwards. However, a rally in ETH could also lead to an alt wide rally across the board.”
FundStrat’s Crypto Daily Report stated that ETH’s relative strength surge makes it more actionable for trading. This should lead to prices trending higher once this neutral consolidation gives rise to a new uptrend.
According to data from IntoTheBlock (a crypto data company), there was a notable increase in ETH exchange outflows Friday. Over 180,000 were withdrawn on Friday. The firm stated that the last time such a large amount of ETH had left exchanges was October 2021. This followed a 15 percent price increase in 10 days. tweeted.