Ether (ETH), the second most valuable cryptocurrency by market capitalization in the world, surpassed $3,000 for the first time since March 2.
Read CRYPTONEWSLAND onDuring 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.
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