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.
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.
Read more:
- Almost Half A Billion USD In ETH Have Been Withdrawn From Multiple Exchanges As Binance And Bithumb
- Ethereum Price Stuck At $3,000 As ETH Exchange Balances Keep Melting To 2-Year Low But Still Have Bullish Outlook