After a long a difficult stay in the red zone, the crypto market was finally welcoming the bull. Ethereum [ETH], Binance Coin [BNB], Bitcoin [BTC], Solana [SOL], and Polkadot [DOT] were a few coins that were making the most out of the latest trend reversal. Terra [LUNA] and Uniswap [UNI] were on another level as they were seen bagging double-digit gains.
The crypto community was finally ecstatic to see some green in the market. Bitcoin [BTC] with an 8.83% daily surge, was seen heading towards $50K. During press time, BTC was trading for $47,237. The market cap of the asset had moved beyond $800 billion and was making its way on to $900 billion. This affected the global crypto market cap which hit $2 trillion.
Ethereum [ETH] struggled long and hard in the $2K zone. The altcoin’s efforts to move to $3K were constantly denied by the bear. But, the asset had finally made it. At the time of writing, ETH was priced at $3,228 with a 7.30% surge in the last 24-hours. Over the last couple of days, ETH barely made profits, yet its seven-day gains were at 14%.
ETH was untethered as the second-largest cryptocurrency. With a market cap of $384 billion, other assets except for Bitcoin [BTC] didn’t stand a chance at overthrowing Ethereum.
Ethereum [ETH] one-hour price chart on Binance
The short-term price chart of ETH was accommodating the bull alone. The Awesome Oscillator indicator rolled out an array of green bars and the closing one was green which further affirmed the presence of the bull in the ETH market. Earlier today, the MACD indicator underwent a bullish crossover where the MACD line slowly surpassed the signal line.
The Relative Strength Index [RSI] indicator revealed that Ethereum [ETH] was being overbought. The RSI marker was not only above the 50 median but also way over the 70 median.