Bitcoin reached an important milestone on Thursday, breaking the $69,000 mark and reaching an all-time high (ATH). Once the euphoria subsided, prices of major cryptocurrencies began to fall, reaching the $60,000 mark. Since then, BTC prices have recovered and frozen in the $66,000-$67,000 range.
On a wave of bullish sentiment, #Ethereum surpassed the $3,800 mark but then fell sharply; according to CoinMarketCap, the "king of altcoins" lost momentum, losing about 12% of its price to $BTC After the fall, #ETH began to recover along with bitcoin; according to NewsBTC, the most important resistance level that had to be overcome during this recovery was the $3,600 level. Ethereum overcame this support level and has kept its price in the $3,800 range for the past four hours.
Ethereum has reached the $3,800 support level twice in the last 24 hours. The price has not reached this level since January 2022, and bullish momentum is driving the token price upwards again.
Ethereum reached the $3,900 level for the first time since December 2021. The largest altcoin briefly soared to $3,901 before falling back to the $3,850 price range.
At the time of writing, ETH was trading at $3,834, down 1.6% in the last hour and up 2% from 24 hours earlier. Similarly, the token is showing green numbers on a longer time horizon.
Ethereum's price has risen about 16% in the last week, 65% in the last month, and 145% in the last year.
ETH's market capitalization rose 1.55% from the previous day to $459.7 million. Daily trading volume rose 58% to $52.16 billion, and market activity in the previous 24 hours totaled $52.16 billion.
What is the future of the ETH price?
Many analysts predict that ETH's growth is not over yet. Altcoin analyst Sherpa predicted that Ethereum could reach US$4,000 when it breaks the US$3,000 price barrier.
Ethereum's rally seems to be fueled not only by Bitcoin's momentum, but also by general market dynamics: the Dencun update date is approaching, which is expected to bring a number of technical improvements to Ethereum's infrastructure.
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