Ethereum is back on the mend, rising 15% in the last week and prompting holders to turn bullish on the asset. At press time, ETH is trading at $2,684.49, already a 4% rise in 24 hours alone. With the Ethereum team issuing an update ahead of the upcoming Pectra hard fork upgrade, there is new momentum behind the Ether token.
The latest whale activity and technical indicators suggest Ethereum could be getting ready for a significant upswing, with a chance for it to reach $300. A recent increase in open interest, funding rates, and network growth signal strong demand for ETH, pumping its price. Furthermore, Spot Ethereum ETFs have improved their performance over the past few weeks as well. Data from Farside investors reveals that flows into US-based spot Ethereum ETFs turned positive last week. Inflows of $5.2 million and $2.9 million were seen on Septemper 19 and September 20, respectively.
Ethereum Outperforms Bitcoin: Is $3,000 Imminent?
Furthermore, the recent positive performance of Ethereum could be coming from the asset outperfoming Bitcoin BTC on multiple fronts. Ether has increased 17.5% over the last seven days, outperforming Bitcoin’s 9.8%. The ETH/BTC ratio is also up approximately 7.5% over the last seven days, reaching a three-week high of 0.0424 on September 23, according to TradingView data. Flows into Ethereum investment products do still lag behind Bitcoin’s though. Ether saw outflows for the 5th consecutive week, totaling $29 million between September 16 and September 20, according to data from CoinShares.
As Bitcoin continues to slump, it is a surprise to see Ethereum still surging and outperforming the king coin. There is certainly more bullish momentum around Ethereum than Bitcoin. Therefore, we may continue to see investors flock to Etheruem related products rather than Bitcoin products, such as ETFs, in the near future.
Also Read: Tether Market Cap Hits All-Time High as October Surge Nears
In terms of the asset returning to $3k and above, that remains a steep climb for Ethereum at its current stage. As mentioned previously, whales are returning to ETH and bringing along strong investor interest. Technical analysis suggests a bullish outlook for ETH as well. A breakout from a descending trendline since July 2024 was recently observed, according to TradingView data. If ETH closes its daily candle above $2,485, a rally to $2,800 becomes increasingly likely. Upon reaching $2,800, a path towards $3k is much more clear.
CoinCodex analysts have provided optimistic forecasts for Ethereum’s future performance. According to their analysis, “Ethereum is forecasted to trade within a range of $ 2,552.34 and $ 4,151.18. If it reaches the upper price target, ETH could increase by 62.66% and reach $ 4,151.18.” These types of gains, according to the analysts, can come within the next calendar year.