Ethereum continues to escalate where Bitcoin is in rest mode

  • Ethereum has been performing tremendously, crossing new record high levels
  • The volume in the Ether spot market is observed high this weekend
  • Recent levels on ETH futures have not been observed before
  • Keeping Ethereum’s market analysts expects a continued bullish momentum for the short-term

Ethereum continues to excel, whereas Bitcoin remained in its standard zone, barely making gains. According to the data from the CoinMarketCap, it is observed that Bitcoin, Ethereum, and Binance Coin are the top three crypto assets in terms of market capitalization. Among the three cryptocurrencies, it has been observed that Ether has alone performed tremendously over the past seven days. However, Binance Coin has also been observed breaking out on DeFi, going past $100 billion in market cap on Monday.

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Ethereum price trend is tremendous

According to CoinMarketCap, Ethereum is trading at more than $3,200 at press time. Over the past seven days, the coin is up by more than 26%. Moreover, the coin has been observed well above the 10-hours and the 50-hours moving averages on the hourly chart. According to few market technicians in the cryptosphere, the indicators of ETH are showing a bullish signal. On Monday, the coin was a crypto story after it crossed a fresh record high of $3,300 at around 2:15 pm ET.

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In Monday’s market Katie Stockton, a technical analyst in Fairland Strategies noted that the token had achieved the latest target from its April breakout far sooner than indicated. Additionally, she expects that it is not wise to fight momentum, so a near-term bullish bias is expected.

ETH’s spot and the futures market sees record high

On the other hand, the momentum in Ethereum spot volume is also high. Ethereum’s volume tailed $35 billion this weekend, whereas Bitcoin hit just a bit more at $39 billion. As the volume was high on a weekend day, the traders must be eyeing volume for the rest of the days to observe where the price will rest.

Source: CoinDesk Research

Simultaneously, Ethereum’s futures market has also achieved new highs. According to the data from Skew, such levels in the ETH futures market have never been observed before. According to George Clayton, managing partner at Cryptanalysis, it seems like Ether is acting as an institutional platform.

Source: Skew

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Source: https://www.thecoinrepublic.com/2021/05/04/ethereum-continues-to-escalate-where-bitcoin-is-in-rest-mode/