Ethereum Decouples From Bitcoin as Key Metrics Turn Green
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.
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