Ether Tops $3K for First Time in 2 Weeks

The native coin of the Ethereum network had dropped to as low as $2,500 earlier this month before beginning a steady climb.

AccessTimeIconMar 22, 2022 at 4:25 a.m. UTC
Updated May 11, 2023 at 6:44 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The world's second-largest cryptocurrency by market capitalization, ether (ETH), broke the $3,000 mark for the first time since March 2.

With the exception of a brief spike above $3,000 early this month and today's big move to the upside, ether has mostly meandered in the $2,400-$2,800 range during March.

ETH was trading at around $3,012 at press time, representing a 5.8% increase in the last 24 hours. The token powering Ethereum's blockchain has also broken out relative to the world's largest cryptocurrency by market capitalization, bitcoin (BTC), which is up 3.8% on the day.

"We are seeing some strength in ETH, particularly relative to other assets in the ecosystem. ETH/BTC is now trading at around 0.07 again and will soon me meeting some short-term technical resistance at 0.072," Matthew Dibb, chief operating officer and co-founder of Stack Funds, told CoinDesk in a WhatsApp chat.

"The fundamentals for ETH are aligned for a move upwards, however a rally in ETH would also likely lead to an alt-wide rally across the board.," Dibb added.

"This surge in relative strength makes ETH look quite actionable from a trading perspective, and should help prices begin trending higher as this neutral consolidation gives way to a new uptrend," wrote FundStrat in its "Crypto Daily Report."

There was a significant uptick in ETH exchange outflows on Friday, with over 180,000 withdrawn, according to data from IntoTheBlock, a crypto data firm. "The last time such a magnitude of ETH left exchanges was in October 2021, which preceded a 15% price increase within 10 days," the firm tweeted.





Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about