Ethereum’s [ETH] Dominance Surges As Its Price Nears $3.5K

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The crypto market was seen taking different turns. Ethereum [ETH] was growing in terms of both market cap as well as price. Dogecoin [DOGE] followed suit. As DOGE’s market cap hit $58.76 billion, it overhauled the largest stablecoin Tether [USDT] and took over the fifth position. Almost all the other assets were noted enjoying their stay with the bulls.

Ethereum [ETH] stepped into May in high spirits as the altcoin soared to a high of $4,450. The bulls were all for ETH as the asset had been experiencing significant growth over the last couple of days. During the time of writing, ETH was trading for $3,305 with a 5% rise in the last 24-hours. Over the last 24-hours, ETH had recorded gains of up to 31%.

The market cap of several assets was seen recording new highs. While Binance Coin’s [BNB] market cap hit a high of $100 billion. Ethereum was noted trying to achieve $400 billion as its market cap was at a high of $384 billion.

Ethereum [ETH] One-Hour Price Chart On Coinbase

Ethereum

The short-term price chart of ETH revealed that the altcoin’s chances of moving ahead to $3,500 weren’t very bad. The green closing bars formed by the Awesome Oscillator on the one-hour price chart of ETH noted that the bulls were in the market. The Chaikin Money Flow indicator was seen in the bullish arena. The Relative Strength Index indicator pointed out a buyers’ sentiment in the ETH market.

Ethereum [ETH] One-Day Price Chart On Coinbase

Ethereum

The Parabolic SAR indicator formed dotted lines below the candlesticks further suggesting a bullish notion on the one-day price chart of ETH. The MACD line took over the signal line forming a bullish crossover. The Money Flow Index [MFI] was noted in the buyers’ zone revealing that the ETH was being overbought.

With all the signs inclining towards the bulls, ETH could hit $3.5K sooner than expected.

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