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Ethereum has re-entered the $2,000 range.
Ethereum, the crypto industry’s second-largest commodity by market capitalisation, has reached its previous all-time record near $2,041 achieved on February 19, 2021.
ETH has corrected twice on its regular chart since its February peak, with the second correction posting a higher low. The commodity plunged to about $1,293 in the days following its $2,041 high. By March 13, ETH had recovered to around $1,943, before dropping down to around $1,546 in the following days.
After the decline to about $1,546, ETH has had four consecutive green regular candles. If it closes green today, it will be the seventh.
ETH is presently the second biggest currency by market capitalisation, according to CoinMarketCap. With a market value of almost $239 billion at the time of publishing, ETH is easily second to Binance Coin (BNB), but a long way from Bitcoin’s (BTC) overall valuation of $1.1 trillion.
Ethereum has received a lot of attention in recent months, thanks to its transition to Ethereum 2.0, or Eth2, as well as its position in decentralised finance, or DeFi. In the coming months, Eth2 plans to scale the Ethereum network and completely move the blockchain to a proof-of-stake algorithm.
ETH’s price increase has also coincided with an overall bull run in crypto, with BTC trading over $60,000.