- Ethereum (ETH) rose 9% to regain $2,000, hitting a daytime high of $2,032.01.
- The Ethereum Spot ETF recorded a 10-day winning streak with a net withdrawal of $52.81 million.
Ethereum (ETH) surged over $2,000 after eight days, reaching an intraday high of 2,032.01 before settling at $2,013.34. Cryptocurrency has grown by 6.09% over the past 24 hours, with market capitalization rising to $242.86 billion, reflecting a 6.11% increase. Additionally, trading volumes increased 46.43% to $14.52 billion, renewing investors’ profits.
The broader cryptocurrency market, following Ethereum’s bullish momentum, bringing global market capitalization to $2.75 trillion, up 2.23% over the past 24 hours. Total market trading volume rose 6.55% to $763.8 billion. Despite positive sentiment, the Ethereum Spot ETF recorded a net spill of $52.81 million on March 18, extending its 10-day withdrawal.
Is ETH continuing to grow?
The price surge occurs amid a new development in Ethereum’s Layer 2 ecosystem. Offchain Labs has introduced Onchain Labs, a platform designed to improve distributed application (DAPP) development and reduce fragmentation of the entire Ethereum scaling solution.
Meanwhile, Ethereum’s integration with COSMOS EVM improves interoperability, reduces transaction costs, and simplifies app deployment across the network. These advances strengthen Ethereum’s position as a major blockchain platform.
Technical indicators suggest that Ethereum can continue its upward trend. Cryptocurrency is currently testing resistance at $2,050, and there is a potential move towards $2,100 if bullish momentum is held. The pullback has reduced the price to $1,950, a major support level.
The relative strength index (RSI) stands at 64.42, indicating an increase in purchasing pressure, while a Chaikin Money Flow (CMF) of 0.10 suggests an increase in capital inflows. The moving average also shows bullish crossovers, reinforcing the uptrend. Ethereum’s recent profits reflect a strong recovery despite continued ETF spills. With market participation and increasing positive technical indicators, ETH could see further price increases.
