Ethereum (ETH), the world’s second largest cryptocurrency by market cap, was trading at about $1,805.64 on March 16 according to figures displayed on blockchain.com.
The latest event is considered a natural level of support for the digital asset as reflected on the daily 21 exponential moving average.
Essentially, this was also the sharpest daily rise in cryptocurrency since March 1st, which has pushed the virtual currency’s market cap to $192.88B – the figure accounts for 12 percent of the market cap of all existing crypto assets.
Over the last one week, ETH has risen in values, as it gained 10.5 percent. The cryptocurrency traded in the range of $1,411.5470 to $1,683.7832 within the same period, although it still operates below its February 19 peak of $1,957.57.
Point to note, Ethereum’s performance is largely affected by Bitcoin’s price action. The world’s leading crypto has been struggling this week after securing massive gains of an all-time high of $61,000 last weekend.
Usually, when Bitcoin moves dramatically across the price scale, altcoins like ETH take a hit as traders scramble to liquidate relatively speculative virtual assets into stablecoins.
Looking forward, ETH is bound to rally ahead in the figures of $1, 850 in case Bitcoin dwells within the $55,000-$57,000 range.