Ether Passes $4K for First Time Since May, Nearing All-Time High

Ether, the world’s second-largest cryptocurrency by market capitalization, reached the $ 4,000 level, up about 20% last week compared to Bitcoin’s 2% rise over the same period. Technical charts show that ETH is ready to remain high towards the high of about $ 4,300, which sold nearly 60% earlier on May 12.
In August, the Ethereum blockchain will receive a long-awaited update called the London Hard Fork. This update has helped reduce prices by over $ 2,900. This was also consistent with an increase in the ETH / BTC ratio above 0.07.
The resurgence of non-fungible token (NFT) activity and interest in profitable decentralized finance (DeFi) tokens have also contributed to the rise in ETH prices. ‘The number of ETH tokens locked to DeFi is increasing. Simon Peters, a crypto analyst on the multi-asset investment platform eToro, sent an email to CoinDesk, which puts extra pressure on the provision of crypto exchanges.
‘Participation in ETH is increasing. Currently, about 7.2 million ETH have been seized. That’s about 6% of ETH tokens and limits supply, “says Peters.
The price of ether has risen more than five times this year, bringing the market capitalization of ether to $ 471 billion.