Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, has broken the $3,000 barrier for the first time since March 2.
Except for a brief spike above $3,000 earlier this month and today’s significant increase, ether has mostly traded in the $2,400-$2,800 range in March.
At press time, ETH was trading at around $3,012, representing a 5.8 percent increase in the previous 24 hours. The token that powers Ethereum’s blockchain has also broken out in comparison to bitcoin, the world’s largest cryptocurrency by market capitalization, which is up 3.8 percent on the day.
We are seeing some strength in ETH, especially when compared to other assets in the ecosystem. ETH/BTC is currently trading around 0.07 and will soon encounter some short-term technical resistance at 0.072 in a WhatsApp conversation, Matthew Dibb, COO, and co-founder of Stack Funds told CoinDesk.
The fundamentals for ETH are aligned for an upward move, Dibb said. However, an ETH rally would also probably lead to an alt-wide rally across the board.
From a trading viewpoint, this surge in relative strength makes ETH look quite actionable, and should help prices begin trending higher as this neutral consolidation gives way to a new uptrend, FundStrat wrote in its Crypto Daily Report.
According to data from IntoTheBlock, a crypto data firm, there was a significant increase in ETH exchange outflows on Friday, with over 180,000 withdrawn. The last time this much ETH left exchanges was in October 2021, which preceded a 15% price increase in 10 days, the firm tweeted.
