March 5 marked a major step forward in the history of the cryptocurrency market as Bitcoin [BTC] reached a new all-time high. Despite the focus on Bitcoin, Ethereum [ETH] still holds its ground. Data from Kaiko shows that the total live trading volume of ETH on that day surpassed the $20 billion mark.
The sudden increase in centralized exchange (CEX) volume is a clear sign of continued interest in altcoins. For example, the trading volume of Ethereum on Binance has increased to over 10 billion USD. Bybit recorded $3.2 billion, while Coinbase and OKX reached $1.62 billion and $2.13 billion in trading volume, respectively.
However, it is worth noting that the total live trading volume of Bitcoin is still larger than that of ETH on the same day. Data from Kaiko shows that Bitcoin’s CEX on-chain trading volume has reached $46.25 billion.
Ethereum has proven its strength
Source: TradingView
Reflecting on our information, Ethereum can maintain interest thanks to its value. Before Bitcoin peaked, the price of ETH was increasing at a rapid pace. This ups and downs indicate that market participants are as bullish on altcoins as they were on BTC.
When this article was written, the price of Ethereum (ETH) had moved to $3,842, representing an increase of 15.24% in the last seven days. On the daily chart of ETH/USD, a bullish engulfing candle appeared after the digital currency fell to $3,546 earlier. The rapid increase in profits is a testament to the view of ETH as an asset to accumulate rather than sell.
The Accumulation/Distribution (A/D) indicator also supports this view as it is increasing. As of the time of writing, the 20 EMA (blue) has crossed the 50 EMA (yellow), which is a positive sign for the uptrend.
ATH for ETH too?
Can ETH’s ATH Improve? If the EMA maintains its current position, the price of ETH could surpass $4,000. Furthermore, the Supertrend is currently signaling a buy since the price reached $3,000, suggesting that the downward pressure on prices does not appear to be strong.
Source: Santiment
The Aroon indicator also shows a bullish trend, and in the short term, ETH could reach $4,500. However, it is inevitable that challenges may appear along the way as prices may turn back at some point.
As for the number of active addresses, the chain data shows that this number increased to 565,000 on March 5. Although the number has decreased as of writing, this initial increase indicates an increase in activities. Speculation related to ETH.
Related: Ethereum Targets $3000 with Positive On-Chain Signals
Besides, the 30-day Market Value to Realized Value (MVRV) ratio is currently 25.10%. This figure implies that ETH holders could make a profit of 25% if they decide to sell the coin at the price reported in the press. MVRV can also be an indicator of whether the current value of a cryptocurrency is fair or not.
With the MVRV ratio much lower than 100%, this means that the upside potential for ETH is still huge. During a bull market, altcoins are likely to reach double their current value.
However, whether this will happen or not remains a mystery.
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