The global crypto market has struggled to maintain stability as the scenario shifts on a regular basis. The market has been volatile in recent weeks, in contrast to the prior few weeks.
On the daily chart, Ethereum (ETH) had broken through the $3,521 barrier before hitting reverse. The surge has been accompanied by an increase in trade volume, indicating that bulls are prepared to maintain the upward trend.
While BTC was attempting to reclaim this week’s high, ETH began the weekend by exceeding its four-month high.
Ethereum is attempting to break through the $3.5K zone, according to a tweet from Bitcoinsensus, and if it fails, it might form a double top, implying a retest of $3.2K.
On the 4-hour chart, it can be observed that there is some slight rejection for the Ethereum price right now, which could signal further retracement later this weekend. Following a robust rally that began in the middle of March, the price of Ethereum has risen fast in the recent week.
After prior key swing high resistance levels were broken, a new higher high was reached slightly below $3,500 on March 29th. Another fast retracement made a higher low around $3,200, implying that more gain is on the way.
At the time of writing ETH is trading at $3,460 and is down by 1.5 percent in the last 24 hours.
Ethereum has outperformed Bitcoin in recent weeks, rising 10 percent in the last week. Ethereum is on the verge of a major update that will alter its infrastructure and reduce energy consumption by 99 percent.
The smart contract behemoth will soon convert to a proof-of-stake consensus mechanism, which should cut miner fees and processing times in half which could act as a catalyst.