After Bitcoin (BTC), the second-largest cryptocurrency, reached a new high before falling over 10%. The second largest cryptocurrency recovered from its dip and briefly reached $3,900 for the first time since over two years.
Ethereum recovers and rallies to $3.900
Bitcoin hit a major milestone on Thursday after surpassing $69,000. It also recorded a new All-Time High (ATH). Before the euphoria had passed, Bitcoin’s price began to decline, trading at as low as $60,000. BTC has since recovered and is now trading between $66,000 and $67,000.
Ethereum, fueled by bullish sentiments, rallied to above $3,800, before experiencing a significant price drop. The ‘king of altcoins’ lost momentum and shredded about 12% of its price to trade at a price as low as $3,360, according to CoinMarketCap data.
ETH began to recover along with Bitcoin after the dip. As reported NewsBTC identified $3,600 as a critical resistance level that needed to be cleared during this recovery. Ethereum surpassed the support level, and its price has been above $3,800 during the last four hours.
Just In: $3.900 $ETH
— Watcher.Guru (@WatcherGuru) March 6, 2024
Ethereum has reached $3,800 twice in the past 24 hours. This price range had not been seen since January 20,22. The regained bullish trend propelled the token price to higher milestones.
Ethereum reached $3,900 in December 2021 for the first. The price of the biggest altcoin briefly reached $3,901 but then dropped to around $3,850.
ETH was trading at $3.834 as of the time I wrote this, representing a price drop of 1.6% in the last 24 hours and a 2% gain from yesterday. On longer timeframes, the token also displays green numbers.
ETH performance on the 4-hour chart. Source: ETHUSDT TradingView.com
Ethereum’s performance in terms of price has increased by nearly 16% in the last week. It also grew by 65% in the month before and 145% over a period of one year.
ETH’s capitalization has increased by 1.55% in the last 24 hours, from $459.7 to $459.7million. The daily trading volume of ETH has increased by 58% with $52.16 Billion in market activity over the last 24 hours.
What’s next for the price of ETH?
Analysts have predicted that ETH’s rally will continue for a long time. Analyst Altcoin Sherpa predicted Ethereum’s price could rise to $4,000 if it surpasses the $3,000 barrier.
Ethereum’s rise is not just fueled by Bitcoin, but by market dynamics in general. Dencun is scheduled for November 30th. upgrade Ethereum infrastructure is set to receive several improvements with this update.
Ether-based exchange-traded fund (ETF) is also a possibility. approved The US Securities and Exchange Commission’s (SEC) May announcement has raised expectations for Ether and its ecosystem.
Ash Crypto, a trader who uses a pseudonym, told his Telegram subscribers the price correction that occurred after Bitcoin reached its new ATH level was not a normal market reaction. “reason to panic.”
Ash Crypto sends a message to his Telegram subscribers. Source: Ash Crypto Telegram
Related Readings: Ethereum Price Follows Bitcoin Surge, Why $4K Is Just A Matter of Time
The trader believes that the “late long flush to cut all the leverage” The price of BTC will soon stabilize, and this will lead to a surge in ETH’s and other altcoins. He also announced the ‘incoming alt season’ after the price of ETH hit $3,900 and suggested that Ethereum’s next Support level is $4,200.
$ETH JUST MADE NEW HIGH🔥
The next $4,200 is coming!
GET READY FOR ALTSEASON pic.twitter.com/ZLirlerVDJ
— Ash Crypto (@Ashcryptoreal) March 6, 2024
Chart from Tradingview, image by Unsplash.
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Source: www.newsbtc.com