Ethereum Rises to All-Time High. What Causes the Rally?

On Friday, Ethereum rallied to an all-time high of $4,402.13 in early trading amid the surge of users in its network. 

Accordingly, it surpassed Bitcoin as the most used blockchain, whereas its protocol served as the backbone of popular projects like MakerDAO and Uniswap.

Remarkably, 3,000 decentralized apps operate on the Ethereum blockchain. Moreover, its network Altair upgraded successfully this week. 

As of writing, the second-largest digital currency by market value posted an increase of 5.14% to $4,343.51 per share. 

In addition, the virtual currency has a market capitalization of $510.13 billion. Then, it holds a 24-hour volume of $1.96 billion with a $4,110.81 low and $4,402.13 high. 

Earlier, the ETH price moved above the $4,250.00 level and the 100 hourly simple moving average. Then, it crossed the $4,320.00 level and towards the positive zone. 

Consequently, it soared beyond the $4,400.00 where a high formed near the $4,403.00. Then, it consolidated its previous gains and traded along with the $4,350.00 level.  

Currently, it lies near the 23.60% Fibonacci retracement level of the upward movement from the $4,104.00 low to $4,403.00 high.

Correspondingly, the immediate support sat at the $4,300.00 level. 

On the hourly chart, there is a major bullish trend line with the support of $4,250.00. In addition, there is an initial resistance along with the $4,380.00 level on the upside. 

Subsequently, the next major resistance is on the $4,400.00 level, whereas a price gain above it could spark a sharp increase. 

Remarkable, additional gains could uplift Ethereum towards the next key hurdle at $4,650.00. 

Cryptocurrencies Surge as Ethereum Rallies

Similarly, Bitcoin gained 0.84% to $60,988.75 with a market capitalization of $1.15 trillion and a 24-hour volume of $2.28 billion.

At the same time, Ripple’s XRP improved 0.35% to $1.06. It has a market capitalization of $106.45 billion with a 24-hour volume of $5.50 billion. 

Likewise, Solana advanced 1.99% to $198.96 with a market capitalization of $100.99 billion and a 24-hour volume of $6.35 billion.

Consequently, Ethereum Classic elevated 1.26% to $52.50. It has a market capitalization of $6.87 billion and a 24-hour volume of $27.67 million.

It is the same with Polkadot as it jumped 1.15% or $42.99. It has a market capitalization of $47.54 billion and a 24-hour volume of $2.85 billion.

Also, Terra edged up 4.06% or $42.92 with a market capitalization of $41.64 billion and a 24-hour volume of $822.95 billion.