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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

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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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