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Ether Tops $3K for First Time in 2 Weeks
The native coin of the Ethereum network had dropped to as low as $2,500 earlier this month before beginning a steady climb.
Updated May 11, 2023, 6:44 p.m. Published Mar 22, 2022, 4:25 a.m.
The world's second-largest cryptocurrency by market capitalization, ether , broke the $3,000 mark for the first time since March 2.
With the exception of a brief spike above $3,000 early this month and today's big move to the upside, ether has mostly meandered in the $2,400-$2,800 range during March.
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ETH was trading at around $3,012 at press time, representing a 5.8% increase in the last 24 hours. The token powering Ethereum's blockchain has also broken out relative to the world's largest cryptocurrency by market capitalization, bitcoin , which is up 3.8% on the day.
"We are seeing some strength in ETH, particularly relative to other assets in the ecosystem. ETH/BTC is now trading at around 0.07 again and will soon me meeting some short-term technical resistance at 0.072," Matthew Dibb, chief operating officer and co-founder of Stack Funds, told CoinDesk in a WhatsApp chat.
"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.," Dibb added.
"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," wrote FundStrat in its "Crypto Daily Report."
There was a significant uptick in ETH exchange outflows on Friday, with over 180,000 withdrawn, according to data from IntoTheBlock, a crypto data firm. "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 tweeted.
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Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
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- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
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