Ether, the cryptocurrency that powers the Ethereum network, recently vaulted over the pivotal $1,900 mark, ushering in a wave of optimism among traders and analysts who now see the possibility of the digital asset hitting the $3,000 milestone. This bullish trajectory has added a splash of green across trading screens, with Ether maintaining its momentum above this significant level.
The recent upswing in Ether's valuation comes as the broader cryptocurrency market enjoys a sustained bull run. The climb above $1,900 is not just a numerical victory but also a psychological win, reinforcing bullish sentiment in the market. A historical trading pattern suggests that once Ether consolidates above this threshold, the erstwhile resistance level could transform into a sturdy base, setting the stage for a potential rally toward loftier valuations.
Market participants have noted the accompanying increase in trading volume, a bullish sign indicating a firm market movement backed by genuine investor interest rather than fleeting speculative trades. This solid trading activity aligns with optimistic projections, including those from Matrixport's head of research, Markus Thielen, who recently suggested that "a tactical bullish trade could have merit for as long as weekly Ethereum fees stay above $30 million." Thielen further noted that Ether reaching a price point of $3,000 is within the realm of possibility, given current technical patterns.
Yet, not all indicators are in lockstep with the upbeat price action. Jake Kennis, an analyst at Nansen, highlighted a curious lag in on-chain activity relative to the market's upsurge. He observed a disparity between the heated trading climate and metrics such as daily active users (DAUs) and newly created Ethereum wallets. "This suggests that on-chain activity may be lagging price action here," Kennis indicated, implying a potential delay in the on-chain metrics catching up to Ether's accelerated market performance.
Despite these discrepancies, Ether's upward trajectory remains undeterred. At the time of writing, the asset traded at $1,913.95, with a notable 29.43% spike in trading volume within 24 hours, pointing to a sustained interest and confidence from the trading community. Over the last week, Ether has enjoyed a 4.50% uptick, adding to the bullish case.
The total circulating supply of Ether is reported by CoinMarketCap to be 120,266,597 ETH, with the market cap registering a 1.48% increase to $230,171,136,386. As traders and investors watch with bated breath, the sustainability of Ether's support level remains pivotal to its journey towards the anticipated $3,000 landmark. With the market seemingly in a state of optimistic anticipation, all eyes are on the world's second-largest cryptocurrency as it paves its way through the ever-dynamic crypto landscape.
