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Ethereum (ETH-USD) is ending the week on a strong note, flirting with the key $2K technical level, as investors’ risk appetite increased alongside a rebound in regional bank stocks.
The world’s largest altcoin by market cap (ETH-USD) drove up 6.1% to $1.99K as of shortly before 5:00 p.m. ET and is on track to end the week 4.9% higher. By comparison, bitcoin (BTC-USD) advanced 2.3% to $29.54K, hovering just below the closely-watched $30K resistance level.
The swings were accompanied by a strong rally in U.S. equities, with all three major indices each jumping at least 1.5%, even as April’s nonfarm payrolls report came in hotter than expected. Also, beaten-down regional bank stocks rebounded off their lows after slumping the first four days of the week on fears over the health of the sector.
Despite uncertainty surrounding regional banks and rising interest rates, the labor market is still tight and might pressure the Federal Reserve to ratchet up rates once more, a move that could bode poorly for cryptos and other riskier assets. All eyes will be on April’s CPI report, due out next week, to gauge whether core inflation continued to be stubbornly high.
The overall crypto market value perked up 2.7% to $1.22T, according to data from CoinMarketCap.
