It is no longer news that the Ethereum price hasn’t been living up to expectations since after the Ethereum 2.0 launch. The second-largest cryptocurrency per market capitalization was stuck in a downtrend for weeks before finding relative stability in the $1,250 to $1,350 range. Today, however, the Ethereum price is enjoying a bull run. How long will the bull rally last?
Ethereum Price Analysis Today
At the time of writing, the price of the ETH coin was $1,329.54. The altcoin was by 7.45% against the USD. Within 24 hours, the Ethereum price has fallen as low as $1,209.28 and surged as high as $1,335.10 where it found some resistance.
The sudden spike in the Ethereum price comes shortly after the bears dragged the ETH coin below the key support at $1,250. There was a lot of buying pressure around this level which gave the bulls the momentum they needed to drive the price higher against the USD.
The Ethereum price charts show that the bulls may be here to stay and solicited an uptrend rally for Ethereum. If the momentum continues, the Ethereum price may rise as high as $1,400 for the first time in over three weeks.
Ethereum Price vs Bitcoin Price
In other news, the Ethereum price isn’t just rising against the USD but Bitcoin as well. While the Bitcoin price has gained some bullish momentum and is now trading at $19,676.30 within the $18,319.82 and $19,835.17 range, it is only up by 5.53% against the USD.
The Bitcoin price still needs to rise above the support at $20,000 and push above the resistance at $22,000 if there is any chance of a recovery above $25,000. XRP, on the other hand, is moving faster than Bitcoin and Ethereum and is now up by 11%, trading at $0.4999 against the USD.