Key takeaways
- Ether is up 6% in the last 24 hours and now trades above $3,100.
- It is the best performer among the top 10 cryptocurrencies, outperforming BTC, XRP, and Dogecoin.
Ether tops $3,100 as market turns bullish
The cryptocurrency market has returned to its bullish sentiment following yesterday’s dip. Bitcoin, the leading cryptocurrency by market cap, dipped below $116k on Tuesday after soaring to a new all-time high on Monday.
BTC has now returned above $119k after adding 2% to its value in the last 24 hours. However, Ether is the best performer among the top 10 cryptocurrencies by market cap as it now looks to hit the $3,200 mark for the first time since February 2025.
Ether’s rally comes as Nasdaq-listed SharpLink Gaming (SBET) flipped the Ethereum Foundation to become the largest corporate holder of ETH after acquiring 74,656 ETH for $213 million last week.
According to its recent press release, the company earned 94 ETH from staking last week. Its recent acquisition now brings the company’s holdings to 280,706 ETH. SharpLink made this recent acquisition after raising $413 million from the sale of 24.5 million shares of its common stock through its At-The-Market (ATM) facility last week. The company still has a balance of $257 million from proceeds that have not yet been allocated to ETH purchases.
ETH eyes $3,437 resistance level
The ETH/USD 4-hour chart is bullish but inefficient, suggesting that Ether could likely sweep liquidity to the downside before rallying higher. The technical indicators are bullish, suggesting an extended period of rally for the cryptocurrency.
Ether could likely drop to $3,080 to gain efficiency before rallying to the first major resistance level at $3,437. In the event of an extended rally, Ether could hit the $3,519 level for the first time since January 19.
However, the bears could still regain control if the bulls fail to push ETH higher. If that happens, ETH could likely test the TLQ at $2,946 in the coming hours. However, the market will need to be extremely bearish for Ether to test last week’s low of $2,805.
The RSI of 70 and the MACD lines in the positive zone both suggest a bullish bias for Ether.
