The second crypto by market capitalization has broken its previous all-time high of $2,041 that was set on February 19.
According to CoinGecko data, Ethereum hit a new all-time of $2,146 a few hours to the time of writing. At the time of writing, ETH trades a little lower than its current ATH as it is experiencing a little price correction.
After the initial price surge that saw ETH climb to its previous high took place, strong seller congestion happened over some days that brought ether to test one of its lowest supports.
Crypto’s second-largest asset was also stuck between $1,700 and $1,900 before it dipped last week to as low as $1,520. As soon as ETH found support at $1,520, this price mark was used to support the campaign to a new ATH.
The evidence of the above claim is visible on the daily price chart as it is impossible not to see that Ether was on a green candle party for five days leading to the latest ATH.
The recent price surge that took place during the last 24 hours has to do with a rallying call by some traders on Twitter. This conclusion is evident as ETH was trending on Twitter a few hours into the price hike that saw it reach its current ATH.
With the increase in gas fees, more fears are surrounding Ethereum’s future as the increase in gas fees may lead to a decrease in investors. If more traders lose interest in it, ETH may not attain $2k until the problem is fixed.
If the gas fee problem is fixed soon, traders can look forward to seeing prices trade above $2,600 before the month’s end. With other factors involved, ETH may hit a new ATH even if the gas fee is not fixed but it can sustain its traders this April.
At the time of writing, crypto’s second-largest coin currently holds $241 billion as market cap and looks like it is not going to give up the second spot soon as $190 billion above BNB by market cap.
