Ether Price Rises Above $2K for First in Six Weeks

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Ether jumped above the $2,000 mark on Friday, extending a four-day winning run.

  • The cryptocurrency traded at $2,004 at 07:30 UTC, the level last seen on Feb. 20, gaining 4% over the previous 24 hours, according to CoinDesk 20 data.
  • The prices has rallied 18% this week in the wake of Visa's decision to facilitate crypto-based settlements on its network.
  • In an announcement on Monday, the payments giant said it is working on a program to settle transactions in stablecoin USD Coin (USDC) over Ethereum with its partner Crypto.com.
Ether's daily chart
Source: TradingView
  • Ether's daily chart shows a symmetrical triangle breakout. The pattern indicates that the multi-week consolidation has ended, and the broader uptrend has resumed.
  • The immediate resistance is seen at $2,036.55 – the record high reached on Feb. 21.
  • The options market is making big bets on the second-largest cryptocurrency, as seen below.
Ether options data
Source: Genesis Volatility, Twitter
  • According to data tweeted by options analytics platform Genesis Volatility, traders are aggressively buying the $25,000 call option expiring on Dec. 31, 2021, listed on Deribit, the world's largest crypto options exchange by trading volumes and open interest.
  • Seasonality favors a more substantial rally in ether than bitcoin over the near term.
  • "Ether has outperformed bitcoin in every May till date," Timothy Peterson, an analyst at Cane Island Alternative Advisors, told CoinDesk in a Twitter chat.
Ether's performance relative to bitcoin
Source: Cane Island

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