ETH rallied amid a positive outlook in the broader cryptocurrency market. The broader market gained nearly 3%, to $1.1 trillion.
Ethereum Price Analysis
Ether is up today, trading in the green zone after significant gains. Over the past day, ETH has traded between $1,570 and $1,663, indicating mild volatility.
The token is rising as the broader market continues to rise. If the rise can be sustained, the psychological level of $2 is likely to be reached soon. ETH was bullish today, gaining more than 26% in the last 24 hours. Over the past day, Ether reported more than $37 billion in trading volume.
Ether's market dominance is now 17.89%. After a significant rally over the past few weeks, ETH has regained some of its losses and is currently down 66% from its all-time high. Looking at the Ethereum price movement, it is clear that the token is witnessing volatile price movements, with the current uptrend showing signs of possible weakening.
The relative strength index for Ethereum is 40, indicating that buying pressure may ease as traders buying the pump start selling. There is a high probability that ETH will continue to rise as financial markets are green today due to strong US employment data.
The data resulted in speculation that the Federal Reserve would ease interest rate hikes, which resulted in a poor outcome for the markets.
Polygon adoption is positive for Ethereum
Polygon, the second layer network on the Ethereum blockchain, is witnessing a significant increase in adoption that could result in significant gains for ETH.
Polygon Non-Fungible Tokens (NFTs) were recently integrated by Meta, which started out running a digital collectibles marketplace on Instagram. Polygon is also leading efforts to bridge traditional and blockchain financial systems.
JPMorgan, one of the largest institutions on Wall Street, conducted its first live trading on a public blockchain. JPMorgan used Polygon to make this trade worth about $71,000. As a technology that wants to bring scalability to Ethereum, the adoption of Polygon is also a positive for ETH, and could lead to a rise in the token.