Ethereum [ETH] records another all-time high approaching $ 3,700
Ethereum (ETH) it is on a bullish role this quarter. The world's largest altcoin posted another all-time high (ATH) on May 8 after skyrocketing near $ 3.7k. With its latest price move, it has also sparked bullish momentum for the altcoin brigade.
Ethereum (ETH) has risen more than 6% in the last day. The latest rally pushed its price to $ 3,679, at the time of writing. According to statistics from CoinMarketCap, the digital asset had a market capitalization of $ 425.6 billion while posting a 24-hour trading volume of $ 41.35 billion.
The cryptoasset has been on a steady uptrend since March. It has benefited greatly from the declining market dominance of its rival, Bitcoin (BTC), which saw multiple price drops. Ethereum, on the other hand, has managed to stabilize from a damaging correction so far.
The token has sustained the rally it achieved in the last week of April. After an impressive performance by the favorite, several altcoins also managed to overcome crucial levels of resistance points, while others marched into uncharted territories.
However, the ETH bulls might be exhausted now – at least that's what the techs are pointing out.
Ethereum daily price chart (ETH / USD)
The price chart above demonstrated the divergence of the Bollinger Bands (BB), which implied a period of high volatility in the Ether market as it maintained its strength near $ 3,700. That is, there could be an abrupt change in trend that could lead to price movement in either direction.
The unfortunate Volume, which has been backing Ether, was the concern. You noticed an intensified volume that was responsible for driving the coin to a new peak, however the volume seemed to be losing momentum.
The Relative Strength Index (RSI), was floating in overbought conditions, which could reverse the current sentiment of increased buying demand if sellers advance.
In particular, the momentum comes hours after the exchange-traded fund platform VanEck will request an Ether-based ETF on Friday.
Meanwhile, on the blockchain side, Ethereum has made several notable advancements as the home of decentralized finance (DeFi), as well as burgeoning non-fungible tokens (NFTs).
In a similar vein, this is what American investor Patrick O'Shaughnessy He said that Ethereum is "much more interesting than Bitcoin." While acknowledging that this "was not investment advice," he added that,
“The main reason: it's where the transitions happen, and therefore it's the asset where other things are named. It is one side of almost all peer transactions. It is what is used to buy NFT. It is the asset that is locked fuel for Defi applications. "