Ethereum Tops $3K For First Time In 2 Weeks

Earlier this month, Ethereum’s native coin fell to as low as $2,500 before starting to rise steadily.

For the first time in two weeks, Ether tops $3K

Ether (ETH), the world’s second-largest cryptocurrency by market value, has broken the $3,000 barrier for the first time since March 2.
With the exception of a short jump above $3,000 earlier this month and today’s significant increase, ether has largely traded in the $2,400-$2,800 zone throughout March.
At press time, ETH was trading at roughly $3,012 per coin, reflecting a 5.8 percent rise 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.

TradingView Chart
TradingView”ETH Chart” 4H

“We are witnessing some strength in ETH, especially when compared to other assets in the ecosystem. ETH/BTC is now trading at 0.07 and could shortly 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 set for an upward rise,” Dibb said. “However, a rally in ETH would also likely lead to an alt-wide gain across the board.”
“From a trading standpoint, this spike in relative strength makes ETH appear fairly actionable, and should assist prices continue heading upward as current neutral consolidation gives way to a fresh uptrend,” FundStrat noted in its Crypto Daily Report.

According to statistics from IntoTheBlock, a crypto analytics organization, there was a large increase in ETH exchange outflows on Friday, with over 180,000 removed. “The last time this much ETH left exchanges was in October 2021, which preceded a 15% price surge in 10 days,” the business tweeted.

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