The outlook for ETH in the second quarter is positive. The value of the cryptocurrency has skyrocketed. On May 8, it surpassed $3.8 thousand. Many altcoins have been captivated by the upward trend.
According to CoinMarketCap, the price of Ethereum is $3,847.62 at the time of publishing. The market capitalization is 445.5 billion dollars.
Since March, the price of ETH has been rising. The rise in value is linked to the bullish BTC market and the success of DeFi and NFT ventures. For many weeks, the cryptocurrency’s development has been consistent. However, according to the schedule, bull traders substantially depleted their stocks during this period.
We can conclude that ETH has yet to create a sufficiently persistent bullish trend based on the difference of Bollinger Bands on the daily crypto map. Its movement direction can change at any time.
The volume of transactions decreases despite the price increase and several key ATH. The RSI indicates that ETH is overbought, which is a bearish warning.
VanEck’s application for an ETH ETF, which was submitted on Friday, seems to be supporting the current rise in the value of the cryptocurrency. In addition, numerous NFT and DeFi projects have been successful. Let’s see what happens.
On Binance, the current price of Ethereum is shown.