Ethereum is showing signs of a rebound this week after losing its upside momentum in late February and falling again this week. The world’s leading cryptocurrency Bitcoin is expected to surpass $9000 price level.
The Ethereum, which continued its strength in February and raised expectations for a new record high, has moved up and down between the $216 and $230 levels since the February start of decline at $274.
Regarding the price trend of Ethereum on coinmarketcap (CMC), Ethereum's recent price trend seems to be surging. Ethereum's recent charts don't look really bearish.
The positive outlook for Ethereum came after Anthony Pompiano criticized Ethereum, saying, "It's fundamentally wrong to think of Ethereum as currency like Bitcoin."
Ethereum, based on the CMC data, recorded a 0.87 percent surge to $228.43 USD as of 02:27 Thursday, 5 March 2020 (GMT-5) Time in New York, USA.
Bitcoin is expected to surpass $9000 in the next few hours after recovering from a short-term bottom near $8400.
The recovery began after BTC broke above its shrinking triangle with resistance around $8610 on the time chart. BTC pointed to $8807.80, a 0.12% drop over 48 hours ago starting at 9:05 am in New York time.
Today, the cryptocurrency market started to rise overall. Most of the stock market's uptrend has subsided from the previous day.
Eighteen of the top 20 have risen, and 80 of the top 100 have a green light, indicating a massive rally in the entire cryptoasset market.
According to CMC, BTC's price surged 1.2 percent to more than $8900 at 02:27 NY Time. Among the top 10 tokens, BCH is changing hands at $332.35 1.14%, Litecoin $61.31 0.65%, EOS $3.68 0.73%, Ripple $0.237780 0.54 percent and BSV plummeted to $236.66 -4.12%
At this time of writing, the entire market capitalization of the cryptocurrency market is $255.974 billion, and the share of Bitcoin is 63.7 percent.
The Bitcoin futures price of the Chicago Mercantile Exchange (CME) started off. March traded at $8865, down $110, April dropped $115, down $115, and May dropped $130 to $9040.
The cryptocurrency market started off with an overall uptrend. The rise in stock prices is not significant. Bitcoin is consolidating at around $8,923.16 USD (1.17%) and trading volume is around $36.52 billion.
However, BTC/USD continues to fluctuate around the 200-day moving average amid growing concerns among global financial markets. One of the popular market analysts Mati Greenspan said interest rate cuts would not help reduce the sell-off caused by global market jitters.