Ether Tops $2,100 To Set Another Yearly High As Rally Continues

TL;DR

• Ether has continued the rally that began a few days after the completion of the Shanghai upgrade.

• ETH reached the $2,141 mark on Sunday, the highest it has traded in 11 months.

Ether Crosses The $2,100 Point

Ether, the second-largest cryptocurrency by market cap, set another record over the weekend. The coin broke past the $2,100 resistance level and reached $2,141, its highest trading price in 11 months.

The cryptocurrency has been able to sustain the rally that began shortly after the Shanghai upgrade. The Shanghai hardfork completed the Ethereum network’s migration to a proof-of-stake mechanism, allowing users to unstake their previously staked Ether coins.

Ether is up by more than 12% over the last seven days and is now trading at $2,105 at press time, down by less than 1% in the past 24 hours. ETH has also outperformed Bitcoin during that period, with BTC currently trading around the $30,000 psychological level.

The broader cryptocurrency market has been bullish since the start of the year. At press time, the total crypto market cap stands at $1.27 trillion. 

Ethereum bulls could be looking to push Ether past the $2,500 level in the near term. However, the market could slightly retreat before the rally continues.