Move over Bitcoin [BTC], the alt season was here and Ethereum [ETH] was leading this trend. Bitcoin was enduring quite a bit of a correction from its all-time high. On one hand, the king coin was relatively close to its ATH of $66,930.39, however, the bears were setting up a barricade. Ethereum on the other hand was jetting towards $5K by recording new all-time highs.
Following the footsteps of Bitcoin, Ethereum went on to hit an all-time high last week. While BTC took a little break, earlier today, ETH broke its previous record and documented a brand new high of $4,400.97.
However, at the time of writing, ETH suffered a slight setback. The altcoin was trading for $4,330 with a 7.66% surge over the last 24-hours. The volatility-struck market has been undergoing many changes. From plummeting back below $3K to surging in no time and registering a new high, ETH had its A-game on.
While the overall market cap of the crypto-verse inched closer to $3 trillion, ETH was seen contributing immensely. During press time, ETH’s market cap was at a high of $514 billion.
Ethereum [ETH] one-hour price chart on Binance
The one-day price chart of ETH noted that the asset could be making its way towards $5K. The Parabolic SAR indicator used in the chart put forth an array of dotted lines below the price candles. This line acted as a trampoline for ETH to get back on top. The Chaikin Money Flow [CMF] indicator also followed this notion and suggested that ETH was under the bullish influence.
While all these signs inclined towards the bulls, the altcoin could be in for a new all-time high in the near future. However, the short-term bears were pulling the asset back and restricting its growth for a while.
The ETH market was overtly populated by buyers. However, the altcoin wasn’t reaching out for the overbought zone yet. The Relative Strength Index [RSI] indicator affirmed this.
The ongoing trend was notably beneficial for ETH holders. According to Glassnode Alerts, the number of Ethereum addresses in profit had hit an all-time high of 64,653,868.917.
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