Ether Breaches $3,000 For The First Time In Two Weeks – Can It Regain Its November High?

Ether (ETH) appears to be reviving, as cryptocurrency expert Willy Woo recently tweeted that the cryptocurrency is positioning itself to “break upwards out of a very long term, 3.5-month bearish trend line.” Ether, the world’s second largest cryptocurrency in terms of market capitalization, crossed the $3,000 threshold for the first time since March 8. With the exception of a brief rise above $3,000 earlier this month and Tuesday’s significant upward move, the token that powers Ethereum’s blockchain has spent the majority of the month trading between the $2,400 to $2,800 zone. In November of last year, the price of ether in US dollars reached new highs, over $4,800. Similar to Bitcoin (BTC), the price of ETH increased in 2021, but for very different reasons. Ether Sparked By Tech Advancements Ethereum, for example, made headlines when a digital art piece was sold for more than 38,000 ETH – or nearly $70 million – as the world’s most expensive NFT. Unlike Bitcoin, whose price growth was spurred by the initial public offering of the world’s largest crypto exchange Coinbase, ether’s rise was fueled by technological advancements that sparked widespread excitement among traders. Related Story | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum? At publication time, ETH was trading at roughly $3,012 per coin, a nearly 6% rally over the previous 24 hours. ...