The cryptocurrency market has embarked on an upswing, driven by the flagship digital currency, Bitcoin, which has surpassed the $27,000 mark. Ethereum (ETH) has followed suit, commencing trading at around the $1850 level after recording a value increase of more than 2% within the last 24 hours.
Ethereum (ETH) Reaches $1850
Bitcoin started the day on a high note, reaching price levels of $27,300. The crypto market regained its upward momentum influenced by the Bitcoin’s value increase. According to CoinMarketCap (CMC), the total market cap of the crypto ecosystem has now reached $1.13 trillion. Additionally, the cryptocurrency market began the day with relatively low volatility. Data from Coinglass shows that in the last 24 hours, an average of $55 million worth of short and long positions have been liquidated.
Analyst Points to Critical Price Levels
Crypto analyst Michaël van de Poppe took to Twitter to highlight crucial near-term price levels for Ethereum in light of the recent market surge. The analyst suggested that Ethereum breaching the key level of $1825 is significant. If Ethereum maintains its position above this level, it could continue its upward trend. Furthermore, assuming the market’s bullish trend persists, Ethereum, having crossed critical price levels, may continue to increase in value. The next resistance level, according to the analyst, is at the $2000 mark.
