The second biggest cryptocurrency, Ethereum is now making a move, breaking the crucial resistance level of $3500 after surging over 7.3% with an impressive market cap of $428.52 billion.
Ethereum (ETH) Surges after Bitcoin Drops
The BTC trading pair has rebounded from a recent low, climbing from 0.0318 to 0.0372 in just one day. The surges came after the significant drop in Bitcoin’s price. However, the cryptocurrency is signaling a potential rebound as it currently surged over $95,500.
QCP capital states, “After Bitcoin’s decline, Ethereum is making a strong return, with evidence suggesting a market shift towards ETH and altcoins, as reflected in the 13% rise of the ETH/BTC pair.”
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The crypto market indicates growing interest in Ethereum’s decentralized finance ecosystem has experienced substantial growth. The total value locked in Ethereum DeFi has increased over 8% the past week, reaching $66.43 billion, as
The cryptocurrency market has seen a rally after the remarkable victory of Donald Trump in the presidential election 2024. Furthermore, the latest rally sparked after Trump appointed Scott Bessent as Treasury Secretary which boosted confidence in the market.
The Dow Jones and S&P 500 reached record highs on Tuesday, with the DOW rising 123.4 points to close at 44,860. As ETH is rising, the market now sees its all-time high as a next stop.
Recently, The New York Stock Exchange (NYSE) Arca has filed a Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Bitwise Bitcoin and Ethereum ETF. The proposed ETF is a market-capitalization-weighted fund.
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Also Read: Ethereum Price Analysis: Is This Final Pullback Before ETH Breaks $4000?
