Market Analysis

Ethereum Price Records New Highs Over $2k.

The price of 2nd leading cryptocurrency by market cap, Ethereum [ETH, +4.73%] jumped over the $2k benchmark earlier on Friday, extending a four-day winning run.

The crypto asset traded at $2,004k at 07:30 UTC, the extent last seen on 20th Feb., gaining 4% over the earlier on 24 hours, consistent with CoinMarketCap data.

The prices have rallied 18% within the week in the wake of Visa’s decision to facilitate crypto-based settlements on its network.

Within an official announcement earlier on Monday, the payments giant said it’s performing on a program to settle transactions in stablecoin USD Coin [USDC, +0.02%] over Ethereum with its partner Crypto.com.

Ethereum Price Records New Highs Over $2k.

Ethereum daily chart shows a symmetrical triangle breakout. The pattern reveals that the multi-week consolidation has ended, and therefore the broader uptrend has resumed.

The immediate resistance is seen at $2,036.55 USD – the record high reached on 21st Feb. The options market is making big bets on the 2nd-leading crypto asset, as seen below.

In line with data tweeted by options analytics platform Genesis Volatility, traders are aggressively purchasing the $25k call option expiring on 31st Dec. 2021, listed on Deribit, the world’s leading cryptocurrency options exchange by trading volumes & open interest.

Seasonality favors a more substantial rally in Ethereum than Bitcoin [BTC, +1.85%] over the near term.

“Ether has outperformed bitcoin in every May till date,” Timothy Peterson, an analyst at Cane Island Alternative Advisors, added within an official Twitter chat.

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