Ethereum Hits $4,000 in Fresh Cryptocurrencies Rally
Ethereum, the second largest cryptocurrency asset hits $4,000 on Friday a fresh rally, the first time since May 2021 according to market data, the token, linked to the Ethereum blockchain, was up 5.02% to $3,976.57. It has soared around 25% in the last 15 days.
Renewed buying interest for non-fungible tokens helped Ethereum to break out and rise by more than 18% in the last few days to reach a target of $4,000.
The crypto market has been on the uptrend as short term traders leave the space amidst the slowdown witnessed in the first half, which ext3ended further into the third quarter of the year. Some crypto analysts believe that further buying at around the current price levels could see ETH retest its all-time high.
The presence of whales and institutional players on the network suggests Ethereum could even target $5,000 if buying orders continue piling up.
The number of large Ether transactions with a value of $100,000 or greater continues to rise. Roughly 13,770 large transactions were recorded early in September, and this on-chain metric appears to be trending higher.
A review of the trading pattern shows that all eyes have been on Ethereum (ETH) as prices continue to climb higher. On September 1, 2021, ETH prices tapped a high of $3,563 per unit gaining more than 5% in value over the last day, the market data shows.
Meanwhile, two-week statistics display ether has jumped 18.1% and 39% during the last month. On Wednesday, the crypto asset ETH’s market cap is $417.5 billion which has increased ETH’s market dominance to 18.9% while bitcoin (BTC) dominance has slid to 40%.
It was spotted that out of the $158.5 billion in global trade volume across all the coins in existence, ether trade volume was around $34.4 billion on Wednesday.
Read Also: Bitcoin, Ethereum Steady as Cryptocurrency Market Rallies
Ether’s top trading pair on Wednesday is tether (USDT) as the stablecoin commands 52.6% of all ETH trades.
According to analysts, the price correlation with Bitcoin is lower than usual and Intotheblock statistics show it is around 0.93, 62% of ether holders have held ETH for a year or more, 31% hold for less than a year.
As far as transactions greater than $100K over the past seven days, there’s been an aggregate total of $100K transactions adding up to $95.66 billion.
Dune Analytics data indicates that as of September 1, 2021, more than $500 million in ether has been burned via EIP-1559. That’s approximately 156,960 ETH burned at the time of writing.
ETH has accelerated through the $3,500 zone and there’s heavier resistance at $3,600-$3,700 per unit. The Moving Average Convergence-Divergence indicator (MACD) hourly shows ETH/USD is looking more bullish and the hourly Relative Strength Index (RSI) has jumped above 50.
At the time of writing, ETH is changing hands just above the $3,500 per unit zone and is down 18.5% from the coin’s all-time high (ATH). On May 12, 2021 (four months ago) ether reached a value of $4,356.99 per unit.
However, Ethereum (ETH) is up a whopping 819,810.2% since the crypto asset’s low on October 20, 2015, at $0.432979 per ether – 6 years, according to market data.
Ethereum Hits $4,000 in Fresh Cryptocurrencies Rally
