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Ethereum (ETH) and Dogecoin (DOGE) Crack New All-Time Highs

Ethereum (ETH) and Dogecoin (DOGE) Crack New All-Time Highs

Nick Cawley, Strategist

Ethereum (ETH/USD) and Dogecoin (DOGE/USD)Price, Analysis and Chart:

  • Ethereum (ETH) continues to press higher.
  • Dogecoin (DOGE) back in the spotlight.

Ethereum (ETH), the second-largest cryptocurrency by market cap, has broken above $3,000 with ease and continues to pare back Bitcoin’s market dominance. Bitcoin’s market dominance is now around 46.5%, a low last seen in August 2018, with Ethereum’s dominance now seen at 17.2%. Ethereum is up 30% over the last 7 days and continues to out-perform Bitcoin with the ETH/BTC spread now back above 600.

Ethereum/Bitcoin Spread Weekly Chart (June 2018 – May 4, 2021)

Ethereum (ETH) and Dogecoin (DOGE) Crack New All-Time Highs

Ethereum (ETH) Hits a Fresh Record High, Bitcoin Cash (BCH) and Ripple (XRP) Rally Hard

The daily ETH/USD chart shows how easily the $3,000 level was broken and suggests that ETH/USD will continue to point higher. The CCI indicator is showing that Ethereum is overbought, while the 14-day ATR shows that volatility is at record levels and again suggests a level of caution.

Ethereum (ETH/USD) Daily Price Chart (October 2020 – May 4, 2021)

Ethereum (ETH) and Dogecoin (DOGE) Crack New All-Time Highs

Dogecoin (DOGE) is back in vogue and is also making a new all-time high. The meme coin is now the fifth-largest cryptocurrency by market capitalization - $56.9 billion – and is up 58% in the last 7 seven days and 15% in the last 24 hours alone. The daily chart shows that the 0.44/0.45 level is currently blocking further upside and Dogecoin will need to break this zone with conviction if it is to press ever higher.

Dogecoin (DOGE/USD) Daily Price Chart (January – May 4, 2021)

Ethereum (ETH) and Dogecoin (DOGE) Crack New All-Time Highs

Chart via Tradingview.com

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

What are your views on Ethereum (ETH) and Dogecoin (DOGE) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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