- Ether reached $3,000 after struggling since the last two weeks.
- After a short spike early this month, ETH went up and down at $2,400-$2,800.
- Crypto research firms are very bullish with ETH movement.
Ether (ETH), the second most valuable cryptocurrency by market capitalization in the world, surpassed $3,000 for the first time since March 2.
During March, ether has mainly wandered around $2,400-$2,800. That is, except for the short spike above $3,000 early this month and today’s climb.
At the time of writing, ETH is running at around $3,012, portraying a 5.8% growth in the last 24 hours. This movement has been blown up relative to the world’s most valuable cryptocurrency by market capitalization, Bitcoin, which climbed 3.8%.
According to a WhatsApp chat on CoinDesk by Matthew Dibb, COO and Co-Founder of Stack Funds, ETH has been gaining strength, particularly relative to other assets in the ecosystem. ETH/BTC is now trading at around 0.07 again and will soon be having some short-term practical resistance at 0.072.
“The fundamentals for ETH are aligned for a move upwards, however a rally in ETH would also likely lead to an alt-wide rally across the board.,” Matthew added.
According to FundStrat’s Crypto Daily Report, “This surge in relative strength makes ETH look quite actionable from a trading perspective, and should help prices begin trending higher as this neutral consolidation gives way to a new uptrend.”
Data from IntoTheBlock, a crypto research firm, showed on Friday that there was an outstanding expansion in ETH trading outflows within a single day. Data shows 180,000 ETH withdrawals from centralized exchanges. “The last time such a magnitude of ETH left exchanges was in October 2021, which preceded a 15% price increase within 10 days,” the firm added in its tweet.
Recommended News :
Crypto News Land (cryptonewsland.com), also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.