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Ethereum price showing strength, while Bitcoin is consolidating in a range beneath $50,000

Ethereum price surged to multi-month highs, surpassing $3,500, recording gains of over 5% over the past 24 hours. This is the highest level since May 18, showing that fresh bullish sentiment is emerging after a sideways consolidation for more than three weeks.

Ethereum price breaks $3,500 and hits 3-month highs against Bitcoin

ETH/USD 4-hour chart | Source: TradingView

The price increase of ETH has come despite the fluctuating price behavior in the crypto market. Bitcoin is currently around $47,000 while seeing a clear breakout move above their psychological $50,000 resistance.

Similarly, one of Ether’s top rivals, Cardano (ADA), also consolidated sideways following its 100%-plus price rally in August, while its market dominance fell from 4.54% between August 8th to 4.26% at the time of writing.  The same period witnessed Ether’s market dominance rising from 18.17% to 19.65%, hinting that Ether attracted capital out of assets with interim overstretched valuations.

“Ethereum has surpassed $3,500 for the first time since mid-May. One year ago, the asset’s price sat at $442. We’ve discovered that the ratio of $ETH’s top 10 non-exchange whales is now 3.12 times as much $ETH as the top 10 exchange whales. A great sign”, Santiment tweeted.

ethereum-price-showing-strength-while-bitcoin-is-consolidating-in-a-range-beneath-50000

Source: Santiment

ETH has already climbed over 380% in 2021, with its gains boosted by the emerging DeFi and NFTs sector. In comparison, Bitcoin has gained 62% year-to-date against the dollar.

But Ethereum is racing against a long list of competitors as it grapples with network congestion and higher fees. Still, it has to be admitted that Ethereum has a leading edge in the blockchain space, compared to Cardano, which has very few decentralized applications to show for.

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