The risk-on mood has proved salubrious for the financial markets, and cryptocurrencies are no exception, especially Ethereum (CRYPTO: ETH), which has been a standout.
Ethereum On A Tear: Since peaking at $4,891.70 on an intraday basis on Nov. 16, 2021, Ethereum was on a secular decline until January 2022. A consolidation phase followed, with the crypto moving sideways in a broad range of 2,350-3,500, stung by global economic worries. It moved below the range in early May and was seen going into a free fall until mid-June.
Ethereum was again consolidating until mid-July. After completing a triple-bottom formation around the $1,000 level, it took off along with the other financial assets. A four-session winning streak seen since Aug. 10 propelled the crypto past the psychological mark of $2,000 on Saturday for the first time since …
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