While Ethereum’s price movement has seen a lot of horizontal movement since the second week of March 2021, a rising momentum has been drawing attention in recent days. ETH broke $ 2,100, up 40%.
Now, the bullish momentum of cryptocurrency has been increasing since the start of Bitcoin’s bull run in late 2020. Since then, ETH has managed to break through multiple key resistance levels on the charts. Before its current ATH, Ethereum surpassed the $ 2000 level in February before undergoing a price correction.
Since then, ETH has been in recovery mode and recovered in April, hitting $ 2,146 a while ago. The increase came after a 7% increase in 12 hours. However, at the time of writing, some corrections were being made in the market.
A look at the fundamentals of the koi sheds light on why this increase in price is expected to a certain extent.
The altcoin market is heavily dependent on Bitcoin’s price action, and the altcoin leader – for ETH – the story is no different. Data provided by CoinMetrics showed that the BTC-ETH correlation has been on the rise over the past month. At the time of writing, this had risen to 0.752.
The last few days of March saw Bitcoin trading head north on the charts, and this was true even at the beginning of April. This bullish momentum reflected well on the Ethereum market, driving the price to surpass the $ 2K level at the beginning of the month.
Interestingly, the price increase in early April led to an all-time high in terms of the number of ETH addresses currently in profit. According to Glassnode’s data, more than 54 million addresses were profitable on April 2. This is a positive sign for the coin, as the market is convinced of ETH’s long-term prospects and expects the price to continue to rise.
In addition, the total value in the ETH 2.0 Deposit Contract recorded another high of $ 7,199,968,879.64, an improvement that marks how great confidence is in the staking platform of ETH 2.0.