The market leader, Bitcoin, had successfully achieved a new ATH with a high of just over $70,000. However, the rally was short-lived as the market experienced significant short-selling in their respective portfolios.
Positively, the elite coins have successfully regained momentum over the past few hours, resulting in a bounce back in the chart. At the time of writing, the ETH token traded with a price tag of $3,906.57.
Ethereum Token On A Path To Record New High!
The cryptocurrency industry continues to display massive price fluctuation with top tokens experiencing significant pumps and dumps to their valuation. With the BTC price experiencing a new ATH, the volatility in the market has leveled up.
The Ethereum token has recorded a jump of 2.14% within the past 24 hours, indicating a bullish reversal in the crypto space. Further, the ETH price has added approximately 15.35% within the past seven days, and 63.34% over the past 30 days.
Further, the star altcoin, Ethereum, is roughly 20% from achieving a new all-time high (ATH), highlighting an increased interest of investors in altcoins. Moreover, the market hints at a high possibility of an altseason which may act as a catalyst in the ETH price achieving a new ATH.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a strong bullish influence in the crypto industry. Further, the averages show a rising pattern, suggesting a positive price action for the token in the upcoming weeks.
Will ETH Price Continue Rising?
The Ethereum token is currently testing its major resistance level of $3,930 soon, the outcome of which is unpredictable. If the Star altcoin manages to hold itself above the level, it will prepare to test its all-time high (ATH) of $4,881 in the coming time.
Conversely, in case a trend reversal occurs, the ETH price may lose momentum which may result in a delay in achieving its target of a new ATH.