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You are here: Home / News / Ethereum [ETH] Continues To Score Big As Its Price Inclines Towards $3K
Ethereum

Ethereum [ETH] Continues To Score Big As Its Price Inclines Towards $3K

May 1, 2021 by Sahana Kiran

The price change of prominent altcoins like Ethereum [ETH], Binance Coin [BNB], and Dogecoin [DOGE] paved the way for speculations of the emergence of the alt season. Bitcoin [BTC], however, didn’t fall back as it seemed to be getting back on track. The king coin recorded a 6% rise in the last 24-hours which pushed the price of the asset to $57,579. Despite this, the dominance of BTC remained below 50%, precisely at 48.7%.

This week has proved to be extremely beneficial for altcoins like Ethereum [ETH]. The altcoin has been recording new all-time highs almost every day. Even though ETH experienced minor blips at the beginning of the week, the asset bounced back and witnessed parabolic growth. Earlier today, ETH hit $2,868 which is the highest number the altcoin has recorded over the span of six years.

During the time of writing, the altcoin was seen experiencing correction as it was noted at $2,838. ETH, over the last 24-hours, was surging by 2.79%. In the last seven days, ETH bagged gains of about 24.64%.

Ethereum [ETH] One-Day Price Chart On Binance

Ethereum
Ethereum [ETH] Continues To Score Big As Its Price Inclines Towards $3K 3

The one-day price chart of ETH pointed out that the chances of the altcoin reaching $3K were high. The Chaikin Money Flow [CMF] indicator was over zero median which noted the presence of the bulls in the ETH market. The Awesome Oscillator indicator laid out green closing bars which further indicated a bullish momentum. The Money Flow Index indicator noted that the altcoin was being overbought as it way over in the buyers’ arena.

Furthermore, prominent analytics platform Santiment affirmed that the ongoing sentiment could persist. The platform took to Twitter to note that the trading activity on ETH was high as its price was soaring. The tweet read,

#Ethereum is edging closer to the much anticipated $3,000 price level for the first time in the #2 #crypto asset's six year history. Price growth often results from increased activity in a given network, and we continue seeing an impressive rise from $ETH. https://t.co/unvZ2Np7T8 pic.twitter.com/z0Rr8qEgWO

— Santiment (@santimentfeed) May 1, 2021

Additionally, the market cap of the altcoin was also on a roll as it rose to $330 billion. The market cap of Ethereum even surpasses PayPal which further put the crypto network on a pedestal.

Filed Under: News, Altcoin News, Market Analysis Tagged With: Ethereum (ETH)

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