Bitcoin and Ether Market Update May 6, 2021

ETH/USD

The Ethereum project token ETH went parabolic after touching the 21-day EMA at $2,217 on April 25. The coin grew by more than 25 percent on a weekly basis and closed the Sunday session at $2,950 – a newly established all-time high.

The upcoming London hard fork which is expected to introduce EIP 1559 and significant gas fee structure improvements in combination with the Uniswap v3 launch and the solid fundamentals are the main factors contributing to the good performance of the ETH/USDT pair.

On Monday, May 3, the coin added yet another 16.4 percent to its valuation and hit the $3,420 mark, breaking the $3k barrier for the first time.

The Tuesday session was when profit-taking activities kicked in as the ether took a small break, eventually closing at $3,230.

The third day of the workweek was a continuation of the rally, bringing another re-test of the upper boundary of the uptrend corridor, situated near $3,520.

The biggest altcoin is trading at $3,468 on Thursday morning.

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