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Why did Ethereum price go up today

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  • Ethereum (ETH) is trading higher today as the cryptocurrency market cap jumps to $1.27 trillion.
  • ETH price climbed to $2,008 and Bitcoin (BTC) price climbed to $29,800, seemingly ending the week stronger.
  • Cryptocurrency gains were seen as U.S. stocks finished the week higher, while regional bank stocks rallied after crashing earlier in the week.

On Friday, Ethereum price rose more than 6% within hours, breaking above $2,000, a key technical level that the bulls are looking to turn into support. On Saturday, Ethereum traded around his $1,966 level, rising 4% over the past 24 hours after rising to an intraday high of $2,008.

Ethereum wasn’t the only cryptocurrency to see a price increase over the past day. Bitcoin, the benchmark cryptocurrency and digital gold, climbed close to $29,800 as a 3% price gain pushed the bull market to the now-coveted $30,000 level.

Both Ethereum and Bitcoin are looking to benefit from a rise in investor sentiment, especially as risk appetite rebounds following recent dips.

Why did the price of Ethereum go up?

After listing on Binance, the cryptocurrency market cap jumped 1.5% to over $1.27 trillion as the prices of PEPE and FLOKI surged and memecoin mania returned.

Looking across the broader market, the U.S. stock market closed higher this week, indicating a rebound in cryptocurrency prices, with all major indices turning green after four consecutive days of declines.

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

The market’s positive return came as stocks rallied, led by Apple (AAPL) shares soaring to a nine-month high in the iPhone maker’s better-than-expected quarterly report. The market is also seeing some recovery after the week’s big sell-off, with PacWest shares rebounding after he fell more than 60% on Thursday.

Cryptocurrencies and other risky assets are likely to benefit from overall investor sentiment, but next week will be key as markets assess April’s CPI report.

Federal Reserve Chairman Jerome Powell hinted this week that the central bank may pause rate hikes. However, this week’s strong employment data will put all eyes on the CPI data as investors assess inflation indicators.

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