Ethereum’s (ETH) price has risen 20% since Oct. 12 as investors turn increasingly bullish on the second largest cryptocurrency by market capitalization.
The price of Ethereum is holding above the key support level of $1,800 U.S. and trading volume has risen almost 90% since the digital token hit a bottom in mid-October and reversed higher.
Many crypto analysts now see Ethereum hitting $1,900 U.S. in the near-term enroute to $2,000 U.S. by year’s end. Such a move would result in a further 10% gain from current levels.
Technical indicators currently show momentum for Ethereum, with the token’s Relative Strength Index (RSI) flashing upside potential, say analysts.
The rise in Ethereum’s price over the past few weeks comes as the rally in cryptocurrencies broadens out beyond Bitcoin (BTC) to include smaller digital coins and tokens.
The price of Bitcoin rose 28% during October and is now trading at $34,500 U.S.
While Ethereum’s price has risen 50% year-to-date, it has trailed the 108% gain in Bitcoin since the start of 2023.
Some analysts say they expect that to now change as Ethereum continues to rally into 2024.
