Ethereum surges as crypto markets rally to two-week high

Ethereum surges as crypto markets rally to two-week high

Weekends are usually lethargic on crypto markets, but this one has been witness to another rally that has taken them to a two-week high.

Since the start of the weekend, around US$7 billion [AU$10.9 billion] has reentered the crypto space, according to CoinMarketCap.

The fresh buying pressure has taken total market capitalization back to $210 billion, which is a two-week high. Since the massive slump in mid-March, markets have been grinding slowly higher to reach current levels.

Ethereum is currently in the driving seat as it surged another 8% over the past 24 hours to top out at $187, its highest price for over a month.

The next major resistance level from here is $200, but this could come quite quickly if the current ETH momentum continues.

Bitcoin has also made gains and is approaching its own resistance level as it touches $7,300. A break above $7,400 could see things move faster in that direction.

Analysts are still not fully confident, though, as the downtrend on the longer time frame appears stronger.

Other big movers today include Tezos, which has ripped 10% to reach $2.35, and Chainlink, which has been on fire in recent weeks, chasing down that top ten spot.

Featured image courtesy of WorldSpectrum/Pixabay

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