The ETH market has seen a recent price surge: a remarkable 10% over the past 24 hours of trading, getting the ETH price action up to over $140, at the time of writing.The market cap of Ethereum is currently $14.5 billion as it comfortably sits in the second position of the largest cryptos by market cap.
ETH had reclaimed the second position on the top cryptocurrencies list by market capitalization with a current total market cap of $12.75 billion, whereas Ripple on the third place has $12.5 billion.The fact that Bitcoin recently gained 10% affected ETH better than its effect on XRP s price. Ripple is considered one of the cryptocurrencies with the highest percentage of inverse correlation to Bitcoin.
The inverse head and shoulders pattern in the Bitcoin chart is still active. However,For this formation to play out, Bitcoin has to break above the formation s neckline around the $4380 resistance level, which is the prior high. In case of a breakout, the target could be found at the mid $5000 area.