 ▲ Bitcoin (BTC), Ethereum (ETH) |
Ethereum (ETH), which had climbed like a beta play alongside Bitcoin’s rebound, surged more than 6% in a single day to reclaim the $2,000 level.
According to CoinMarketCap on March 2 (local time), Ethereum traded at $2,032.49, up 6.10% over the past 24 hours, moving in tandem with Bitcoin (BTC), which rose 6.07% during the same period. The total cryptocurrency market capitalization also increased by 4.78%, signaling a broader “relief rally” across the market.
The report attributed the initial driver of the surge not to asset-specific news but to a beta-driven rebound following Bitcoin’s gains. Whether Bitcoin can hold the $69,000 level was cited as the key short-term variable likely to determine Ethereum’s direction.
Technically, bullish momentum strengthened after Ethereum broke above the 7-day simple moving average (SMA) at $1,946.4 and tested the 30-day SMA near $2,034.06. Twenty-four-hour trading volume rose 14.6% to $26.23 billion, while the MACD histogram turned positive at 33.82, suggesting a revival of short-term momentum.
A key level to watch going forward is support around $1,950. The report noted that maintaining this range could open the door to a test of resistance at $2,230. Conversely, a breakdown below this level could heighten the risk of revisiting the recent swing low near $1,749.
Disclaimer: This article is for investment reference purposes only and we are not responsible for any investment losses incurred based on it. The information should be interpreted for informational purposes only.