Over the course of last week, Ethereum price has seen a severe drop from its previous ATH. After several days of minor fluctuations, the coin suddenly skyrocketed, only to reach a new ATH and then start another correction.
What happened with Ethereum price?
Ethereum beating its own record to a new ATH of $2,720 is more of a collective push from the market bulls. After the market has been overwhelmed with a massive correction for the better part of last week, investors were aggregating the future potentials of the Ethereum network to take a position today.
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From the Berlin Upgrade to the upcoming EIP 1559 upgrade and ETH 2.0, buyers do not want to pass off the opportunity to be a part of a new full-blown rally to highly ambitious price levels as fueled by these and more factors. At this pace, a ride to $3,000 in the short term and $5,000 in the long term is imminent.
ETH price performance
After it spent last weekend fluctuating up and down between $2100 and $2360, Ethereum started skyrocketing late on April 25th. It went from $1173 to $2453 in a matter of hours. After this rapid jump, the coin continued going up, although more steadily.
It finally reached a new ATH of $2720 earlier today, after which a correction kicked in, pushing the coin down to $2560. But, the coin started recovering again, and it is more than halfway towards negating the correction, likely heading back to the ATH, and potentially higher.