$ETH Soars Above $4K as ERC-20 GameFi Coin Smashes $4 Million Level

cryptonews.com:

Bitcoin has hit another ATH above the $72K mark, but Ethereum has also flexed its muscles by showing strong price resilience in the last few days, maintaining its bullish momentum above the elusive $4K level. As of the time of writing, $ETH was hovering just above the $4,000 level as the market awaits its next move.

While $BTC and $ETH have been gaining momentum and dominating the headlines these past few days, Galaxy Fox has also made history in memecoin circles by reaching its $4 million sales mark. How far will $ETH and $GFOX go in the coming days? Let’s find out.

$ETH has had a massive price surge over the last 30 days after a very unimpressive performance this past year, relative to the rest of the crypto market. Over the last year, $ETH has only registered a 184% increase – significantly less than coins like $BTC and $SOL, and miles away from memecoins, some of which are up well-over 1,000%. $ETH reached a new year-to-date high of over $4K on March 11, and is currently less than 25% away from its all-time high of $4,89 on November 26, 2021. At this bullish rate, it’s all but certain that $ETH will reach a new all-time high in a few weeks.

While $ETH’s price trend is an indication of general market sentiments and investors’ confidence in the coin, analysts have hinted that some other factors may be responsible. Analysts suggested that $ETH has been successful so far because of on-chain metrics, as well as a few other factors.

Some analysts have linked $ETH’s price trend to its option expiry. The token has rallied to a new all-time high since 2021 because of the bullish bets on $1.25 billion in options expiry. According to analysts, this is clear data to suggest the market’s confidence in the coin’s price performance.

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