u.today
Ethereum ($ETH), the leading altcoin on the digital currency market, has made significant gains as it decoupled from Bitcoin (BTC). In the last 24 hours, Ethereum has increased in value, with a price gain of over 3%, as against Bitcoin, which declined by 0.9%.
Rising volume and investor optimism fuel $ETH upside
According to CoinMarketCap data, Ethereum is worth $2,722.89, representing a 3.45% increase as press time. The asset rallied from $2,611.16 and rose rapidly to $2,784.75 as investors favored Ethereum on the broader market.
This development saw Ethereum's trading volume spike by a significant 21.16%, or $26.54 billion, within the same time frame. Comparatively, Bitcoin only managed a 1.36% increase in trading volume as investors stayed cautious.
This indicates that Ethereum has begun to ascend independent of Bitcoin’s performance on the crypto market. The current price surge is a bullish sign for investors and holders alike, as $ETH has experienced intense volatility in the last seven days.
Notably, Ethereum saw its price plunge to a low of $2,482, when Bitcoin was recording massive gains and hit a peak of $111,763.
Ethereum’s technical setup points to $4,500-$5,300 targets
The top altcoin appears to have commenced its rally to hit the $3,000 target. A technical analysis of Ethereum shows it is gearing up for a potential breakout if the ecosystem sustains the current momentum.
If Ethereum breaches the $3,000 price level, bullish momentum could push it toward the $4,500 and $5,300 range. The asset’s chart shows that its long-term ascending channel is still in play, and if trading volume remains high, $ETH might achieve these targets.
The ecosystem's investors might support these price targets as the community remains bullish. As U.Today reported, Ethereum recently posted massive open interest of $19.1 billion. This indicates that investors and traders are betting on a further increase in the value of $ETH.