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ETH Breaks Out, Benefits Big From NFT Craze

Sep 1, 2021 · 3 min read

By Jeremy Ong, Joo Kian, and Genevieve Yeoh

Market Update

ETH continues to show strength and is trading above $3,500 for the first time since May. BTC has been taking a breather after a strong multi-week run. FTM, FTT, DPX, and RGT are notable breakouts in the altcoin market.

ETH Primed For Takeoff

With ETH/BTC breaking out of a multi-year long-term wedge, ETH is poised to trend higher so long as BTC retains its current price range. ETH perpetuals have low funding rates, and at the current price, there’s optimism that this breakout has legs and trend continuation should ensue. For those of you interested in diving deeper, we covered ETH’s price action & fundamentals in Delphi’s ETH market overview.