Ethereum Hits $2K For the First Time Since February; Breakout Ahead?

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Ethereum briefly crossed over the $2,000-level, a benchmark target for many bulls as they await a breakout price rally in the world’s second-largest cryptocurrency market. The ETH/USD exchange rate surged to $2,007 during the Asia-Pacific trading session Friday. The pair’s move uphill coincided with a drop in the Bitcoin Dominance Index — a metric that measures the flagship cryptocurrency bitcoin’s market cap against that of the rest of the crypto market — to its lowest levels since October 2020. Bitcoin Dominance Index’s drop indicates the beginning of altcoin season. Source: BTC.D on TradingView.com A plunging index suggested a relatively higher capital moving into the bitcoin rivals, which may have pushed the Ethereum prices higher. Other cryptocurrencies, including Bitcoin Cash, Litecoin, Chainlink, and Binance Coin, also rallied higher over the prospect of a so-called “altcoin season.” The main question remains whether Ethereum could continue trading upward as its trades near $2,000,…

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