Ether (ETH), the second largest cryptocurrency, as per the market capitalization has topped the $3,000 mark for the first time in two weeks.
Ether has been trading in a $2,400 to $2,800 range for much of March, with the exception of a brief spike above $3,000 early this month and today’s substantial advance to the upside.
The price of Ether is presently valued at around $3,012 per unit, a 5.8 percent rise in the previous 24 hours.
The cryptocurrency that fuels Ethereum’s blockchain has also outperformed bitcoin, the world’s most valuable cryptocurrency by market capitalization, which is up 3.8 percent for the day.
“We’re seeing some strength in ETH, especially when compared to other assets in the ecosystem. The price of ETH/BTC is now around 0.07 again, and it will soon encounter short-term technical resistance at 0.072.” Stack Funds’ COO and co-founder Matthew Dibb informed CoinDesk via WhatsApp chat. ”
“The fundamental backdrop for ETH is looking good for a rise, however a rally in ETH would most likely result in an alt-wide increase, according to Dibb.
“This increase in relative strength makes ETH look more investable from a trading standpoint, and it should help prices begin trending higher as this quiet consolidation gives way to a new uptrend,” according to The FundStrat Crypto Daily Report.
According to data from IntoTheBlock, a cryptocurrency data firm, there was a significant increase in ETH outflows on Friday, with over 180,000 removed.
The company tweeted, “The last time so much ETH left exchanges was in October 2021, which preceded a 15% price increase within 10 days. “