The global crypto market has struggled to maintain stability as the scenario changes regularly. The market has been volatile in recent weeks, in contrast to previous weeks.
On the daily chart, Ethereum (ETH) had broken above the $3,521 barrier before pulling back. The rise has been accompanied by an increase in trading volume, indicating that the bulls are poised to maintain the uptrend.
While BTC was attempting to recapture this week’s high, ETH started the weekend breaking above its four-month high.
Ethereum is attempting to break through the $3,500 zone, according to a tweet from Bitcoinsensus, and if it fails, it could form a double top, implying a retest of $3,200.
On the 4-hour chart, it can be seen that there is a slight rejection in the price of Ethereum at the moment, which could indicate a further pullback later this weekend. After a strong rally that started in mid-March, the price of Ethereum has risen rapidly in the last week.
After previous key resistance high levels were broken, a new high was reached slightly below $3,500 on March 29. Another quick pullback made a higher low around $3,200, implying that more gains are on the way.
At the time of writing, ETH is trading at $3,460 and is down 1.5 percent in the last 24 hours.
Ethereum has outperformed Bitcoin in recent weeks, surging 10 percent in the last week. Ethereum is on the verge of a major upgrade that will alter its infrastructure and reduce power consumption by 99 percent.
The smart contract giant will soon turn to a proof-of-stake consensus mechanism, which should halve miner fees and processing times, which could act as a catalyst.
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