Ethereum Surges to the $500 Billion Valuation Level
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Ethereum (ETH) continues to show no signs of a bullish slowdown as the cryptocurrency rips through new record highs. The second-largest cryptocurrency recorded a new all-time high a few hours ago, following a +14% spike over the past 24 hours.
The cryptocurrency now has a market valuation of $500 billion, making it the second cryptocurrency in history to achieve this feat. Ethereum is now more valuable than the world’s largest investment bank JP Morgan, with about $20 billion, and Visa, with $6 billion.
Notably, ETH whale activities have surged over the past few days amid the surging price. Yesterday, reports showed that a whopping 46,793 ETH moved from a whale wallet to Binance.
Meanwhile, on-chain analytics firm, Santiment, noted that stakeholders’ activities also contributed to the recent spike. The company tweeted recently that:
“Ethereum top stakeholders have been historically active over the past week, with one 4-hour window on 5 May seeing over 6,300 $100k+ ETH transactions. This explosion in activity beginning on 3 May had much to do with the inevitable rise to $4,200.”
The latest bullish streak has made Vitalik Buterin, co-founder of Etherum, one of the youngest cryptocurrency billionaires. Buterin’s Ethereum wallet houses 333,520 ETH, giving him a net worth of $1.45 billion.
Key ETH Levels to Watch — May 12
Ethereum has regained a firm bullish stance, following a sharp correction to the $3,650 support level on Monday. The largest altcoin is trading within an ascending channel and has gotten to the top of this channel, signifying a possible correction over the coming hours. This bearish prediction is supported by the hourly MACD, which shows that the ETH is within overbought conditions around 90.16.
Although we expect a slight correction to the $4,200 level (at least), Ethereum could continue on its bullish march despite being in overbought conditions, as trading volume picks up.
Meanwhile, our resistance levels are $4,370, $4,500, and $4,600, and our support levels are $4,200, $4,100, and $4,000.
Total Market Capitalization: $2.5 trillion
Ethereum Market Capitalization: $500 billion
Ethereum Dominance: 19.7%
Market Rank: #2
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