With its breakthrough breach of the critical $1,900 resistance level, Ether (ETH), the second-largest cryptocurrency asset in the world by market capitalization, has achieved tremendous progress and raised expectations for further price increases.
As the cryptocurrency market enters the second week of a bull run, the surge—which saw ETH trade in the green zone over the $1,900 price level—indicates that the market will continue to gain pace.
Furthermore, notable changes in the way the Ethereum ecosystem’s users behaved and interacted with various entities during the course of the year might have contributed to the ETH’s value surge.
Ethereum (ETH) Breaks Key $1,900 Level, Eyes on $3K Potential,Ethereum (ETH) Breaks Key $1,900 Level, Eyes on $3K Potential
Traders are hoping that Ether will stick to its historical trend as it approaches the crucial $2,000 price mark. A resistance level that has been overcome turns becomes a support level, and in the case of ETH, it can serve as a springboard for further increases.
The most recent gain in ether has coincided with a significant increase in trading volume, indicating that the recent breakthrough is sustainable.
A real market movement, as opposed to a pump and dump, is strongly indicated by high trading volume, which highlights the substantial interest and active engagement of market participants in Ether, hence supporting its present value.
“A tactical bullish trade could have merit for as long as weekly Ethereum fees stay above $30 million,” stated Markus Thielen, head of research at Matrixport. He also predicted that a $3,000 price goal is achievable based on the technical chart pattern.
On the other hand, as noted by Nansen analyst Jake Kennis, price action in the Ethereum ecosystem trailed behind on-chain activity.
“Despite the growing activity in cryptocurrency markets, there is no indication that on-chain activity—that is, the number of newly funded addresses and DAUs joining the Ethereum ecosystem—will increase in tandem with it,” Kennis stated in a memo seen by International Business Times.
“This suggests that on-chain activity may be lagging price action here or that we are not seeing the on-chain follow-through that is normally seen with this type of increased market activity as of yet,” said the analyst.
If its support level holds, ether may be well on its way to reaching higher price levels.
As of 6:33 a.m. ET on Thursday, ether was trading in the green at $1,913.95, with a 24-hour trading volume up 29.43% at $9,980,227,686. In the previous 24 hours, it has increased by 1.48%, and over the last seven days, it has increased by 4.50%.
Ethereum (ETH) Breaks Key $1,900 Level, Eyes on $3K Potential,Ethereum (ETH) Breaks Key $1,900 Level, Eyes on $3K Potential,Ethereum (ETH) Breaks Key $1,900 Level, Eyes on $3K Potential , Ethereum coin Crypto news, Ethereum coin News