Why did Ethereum price go up today

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  • Ethereum (ETH) is trading higher today as the crypto market cap jumped to $1.27 trillion.
  • ETH price increased to $2,008, while bitcoin (BTC) price climbed as high as $29,800, showing a strong end to the week.
  • Gains for the cryptocurrency came as US equities ended the week higher, as well as regional bank stocks rebounding earlier in the week.

its price on friday Ethereum It surged more than 6% within the hour to break above $2,000, a key technical level that bulls are looking to turn into support. On Saturday, Ethereum was trading around $1,966 and was up 4% after rising to a high of $2,008 in the last 24-hours.

Ethereum is not the only crypto asset that has seen a jump in its price in the past. BitcoinThe benchmark cryptocurrency, and digital gold, edged closer to $29,800 as a 3% price increase took bulls within the now highly coveted $30k level.

Both Ethereum and Bitcoin are looking for bullish gains on investor sentiment, especially with risk appetite rising after the recent dips.

Why did the price of Ethereum increase?

Memecoin mania returned after prices of Pepe (PEPE) and Floki Inu (floki) were listed on Binance as the total cryptocurrency market cap rose 1.5% to over $1.27 trillion.

A look at the wider market show crypto prices overturned as america Share Market The week ended on a higher note with all major indices turning green after four consecutive days of losses.

The S&P 500 closed up 1.85%, the Dow Jones Industrial Average closed up 546 points, or 1.65%, and the Nasdaq 2.25% higher.

There was a positive return for the market as equities surged, led by Apple (AAPL) shares, which hit a nine-month high on the iPhone maker’s better-than-expected quarterly report. The market also saw some recovery in regional bank stocks after a massive sell-off in the week, with PacVest shares falling after falling more than 60% on Thursday.

While crypto and other riskier assets are likely to benefit from overall investor sentiment, the coming week will be crucial as the market assesses the April CPI report.

Federal Reserve Chairman Jerome Powell indicated this week that the central bank may hold off on raising its interest rates. However, with strong jobs data coming this week, all eyes will be on the CPI data as investors evaluate the inflation indicator.

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