Ethereum Price Rises 15% in a Week, Can it Break the $3K Level?
2024-09-24
Bittime - Ethereum (ETH) is showing its strength again with a significant price surge. During the period 17-23 September, Ethereum price rose 18.7%, outperforming Bitcoin (BTC).
The increase in Ethereum prices was driven by several factors. Anything? Read this article to find out more!
Ethereum Price Rises
In 24 hours, Ethereum price rose as much as 4% and traded around $2,650. In comparison, Bitcoin is trading at $63,678, up just 1.8% in the same period. Overall, global crypto market capitalization rose about 2% to $2.3 trillion.
Ethereum Price Rises, Weekly Performance Outperforming Bitcoin
Source: Trading View
In the last 7 days, Ethereum's price performance rose 17.5%, far outperforming Bitcoin which only rose 9.8%.
The ETH/BTC ratio also rose by around 7.5%, reaching a 3-week high of 0.0424 on September 23. This increase in the ETH/BTC ratio indicates an increasing demand for ETH.
Based on data from Farside, fund flows into spot Ethereum ETFs in the US returned to positive last week, with inflows of $5.2 million on September 19 and $2.9 million on September 20.
Read Also: Hong Kong Gives Green Light to Ethereum ETF Staking Feature?
Ethereum Price Rises, Bitcoin Dominance Falls
Source: Trading View
Ethereum prices rising also indicate a decline in Bitcoin's market dominance. On September 19, Bitcoin dominance reached 58.7%, but decreased to 57.4% on September 23.
This decline in Bitcoin's market dominance has also made market players more optimistic about Ethereum. The value of ETH against BTC is also expected to continue increasing.
Ethereum Price Rises, Network Activity Increases
Source: DApp Radar
In addition, Ethereum network activity also signals an increase in demand for ETH.
In the last 24 hours, although the number of unique active wallets on Ethereum's top DApp decreased by 1.42%, its transaction volume actually increased by 21.92%.
The number of DApp transactions on the Ethereum network also increased by 6.5% during the same period.
This increase was driven by platforms such as Uniswap, Balancer, ParaSwap, and Aave, which all saw a surge in transaction numbers.
Read Also: Ethereum Price Analysis Today: Is It Low Yet or Still Going Down?
Ethereum Price Rises, TVL Increases
Source: DeFiLlama
Data from DefiLlama also shows that Ethereum's TVL increased from $44.1 billion to $49.65 billion in the September 18-23 period.
This increase in TVL indicates more user interaction with the Ethereum blockchain, which contributes to increased demand for ETH.
Prediction of Ethereum Price Rises
The factors above are crucial to keep the ETH price above $2,600. If this trend continues, the potential for Ethereum prices to rise and continue to strengthen will be even greater.
With its current performance better than Bitcoin, many investors and analysts are optimistic about Ethereum, both in terms of price and the use of its technology in the blockchain ecosystem.
Read Also: Ethereum Under Threat, Layer 2 Will Take Over Ethereum's Earnings?
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Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
