The second largest cryptocurrency Ethereum in the world with a market capitalization of Today, $ 477 billion broke the psychological barrier of $ 4,000 for the first time and hit a new all-time high of $ 4,142.
At the time of writing, Ethereum (ETH) is trading at $ 4,128. Ethereum is currently in a state of pricing.
Last week, Ethereum outperformed Bank of America in terms of market capitalization. According to AssetDash data, Ethereum is now considered the 15th largest asset in the world, outperforming consumer giants Johnson & Johnson and Walmart. The valuation is now behind JPMorgan.
Last Friday, the asset management company VanEck submitted a proposal to the US Securities and Exchange Commission for an exchange-traded fund (ETF) from Ethereum, which triggered a rise in the price of ether.
On April 17th, the Ontario Securities Commission approved three Ethereum ETFs (Exchange Traded Funds). CI Global Asset Management, Purpose Investments Inc. and Evolve Fund Group Inc. have all received approval to launch three separate Ether ETFs. A fourth Ethereum ETF was launched by 3iQ at the end of April.
At the same time, the increasing institutional interest in Ethereum also inspired the cops of Ethereum. The positive sentiment around Ethereum resulted in inflows of $ 30 million, bringing the managed investment product to a record $ 13.9 billion, according to a Coinshares report.
Per data from Coinmarketcap, Ethereum is up 33.40% in the past 7 days.
Price analysis of Ethereum (ETH)
Source: ETH/USDT Daily via TradingView
It can be seen from the candlestick chart above that the price of Ether has increased for 10 consecutive days.
The transaction price of ETH / USDT is much higher than the Exponential Moving Average band. Both the upward moving average and the bullish MACD suggest that the bulls are currently dominating the market.
The potential behind the Etherum network is great, and there is a lot of anticipation and optimism for some of the network’s upcoming infrastructure upgrades that will be hugely significant: EIP-1559 and ETH 2.0. Such upgrades will, in part, help solve the problem of expensive gas charges on the Ethereum network, and with the integration of a consensus mechanism for proof of use, a more environmentally friendly alternative to the current protocol for proof of work will be offered.
Market analyst Lark Davis believes Ethereum has great potential and will cement its position as a deflationary currency by the end of this year as its value will continue to rise over time.
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