The Ethereum price bullish run accelerated today as investors remained optimistic about cryptocurrencies. The ETH price surged above $3,200, rising to the highest level since May. As a result, the coin has jumped by more than 92% from its lowest level in July.
Ethereum is one of the most popular blockchain projects in the world. It is the second-biggest cryptocurrency in the world after Bitcoin. It has a market capitalization of more than $370 billion, making it the second-biggest cryptocurrency.
The ETH price has surged today because of two main reasons. First, the rally is part of the overall rally of digital currencies like Bitcoin, Cardano, and Polkadot. Bitcoin has risen to more than $45,800 while Cardano has risen to $1.77. In most times, cryptocurrencies tend to have a close correlation.
Second, the price has jumped after the $611 million Poly Network hack. While the hack is regrettable, analysts now believe that it makes Ethereum’s network more valuable.
For one, Poly Network is a DeFi project that was built using Binance Smart Chain technology. Therefore, after the hack, more developers will likely migrate from Binance to Ethereum. For one, Ethereum’s ecosystem is known for its safety considering that we have not experienced any large scale hacks in the past few years.
Finally, Ethereum price has rallied because of the recent software update known as London hard fork. The fork means that many Ether coins are being burned every day, which has led to more scarcity. As the movement to ETH 2.0 continues, we cannot rule out further gains for the coin.
The daily chart shows that the Ethereum price has been on a strong bullish trend after it found a strong support at the $1,700 level. The coin has managed to move above the hypotenuse of the descending triangle pattern, which is a bullish factor. It has also risen above the 25-day and 50-day moving averages while the MACD has been in a strong bullish trend.
Therefore, I suspect that the coin will keep rising as bulls target the all-time high of more than $4,300, which is about 35% above the current level. On the flip side, a move below $3,000 will signal that there are still sellers left in the market.