Ethereum price: Why is Ethereum going up?

Trader reveals Ethereum is 'most undervalued' cryptocurrency

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Ethereum and other established cryptocurrencies have fought back fierce competition from emerging tokens over the last few months. Dogecoin, which was created in 2013 as a joke crypto to satirise the market, has jumped in price by nearly 3,000 percent thanks to a buying frenzy aided by Tesla and SpaceX CEO Elon Musk. However, this hasn’t knocked the world’s most entrenched currencies out of contention, as Etherium has embarked on a spike of its own.

Why is Ethereum going up?

Where Dogecoin has struggled to hit the $1 mark on the market, Ethereum is one of the most valuable cryptocurrencies.

Since its release in 2015, it has grown to outmatch the US dollar by more than 2,000 to one.3.

And it continues to rally, with investors noting sharp growth over the last 24 hours.

Ethereum grew by 7.81 percent over Tuesday, ending the day on $2,332.6 (£1,675.84).

The day wrapped up above $2,300 (£1,652) after breaking through the first crucial resistance level of $2,281 (£1,638).

The currency started at a morning low of $2,054 (£1,475), spiking towards highs of $2,349 (£1,687) before levelling out.

While other currencies such as DOGE and SafeMoon have moved on an unusual spike in popularity, Ethereum’s notable boost comes from hardship.

A flash crash over the weekend managed to tank established cryptocurrencies.

Both Ethereum and Bitcoin (BTC) suffered, with the former currency suffering a 3.47 percent loss on Monday.

The drop sent BTC’s worth free-falling 10 percent from $60,000 (£43,055) to just over $50,000 (£35,879).

Bitcoin eventually rebounded, recouping a worth of $55,000 (£39,467), now holding steady at $55,396 (£39,751).

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Mass selloffs triggered the sudden crash, which wiped $300 billion (£215 billion) from the $2 trillion market.

The only currencies which left the situation relatively unscathed were those enjoying fringe support.

DOGE, which has made astronomical gains over the last two months, held steady around $0.40 (£0.29).

Most investors have chosen to disregard the coin as a distraction, but this hasn’t tempered efforts to launch it “to the moon”.

Fans hoped to drive the currency to new heights yesterday, on 4/20, which they declared “Doge Day”.

Social media users were eager to drive it to $1 for the first time.

And markets reflected this surge in support as the coin hit new highs of $0.42.

Unfortunately, backers were unsuccessful, and DOGE opened this morning on $0.3230 with losses pushing 20 percent.

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