The price of Ethereum (ETH), the second largest cryptocurrency after Bitcoin (BTC), is up 6% in the past 24 hours and nearing $4,000.
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Ethereum is currently trading at $3,823, its highest level of the year, as the rally in cryptocurrencies broadens out beyond BTC. Ethereum is also getting a lift as financial institutions and treasury companies pour money into the digital asset.
U.S.-listed spot Ethereum ETFs saw record inflows of $2.18 billion over the past week after major crypto legislation was passed by lawmakers in Washington, D.C. As the price of ETH rises, some analysts are forecasting that prices will surge much higher in coming weeks and months.
Bullish Outlook
Tom Lee, head of research at Fundstrat, says that the price of Ethereum could reach as high as $15,000 given current momentum and bullish signals. Lee notes that support for Ethereum has formed around $3,590 to $3,610, and that transaction volumes have surpassed the 24-hour average of 215,432 units.
This consistent upward momentum with successive higher lows potentially indicates ongoing institutional capital allocation, positioning Ethereum for a possible rally beyond current levels. As Ethereum marches higher, the price of BTC is currently around $118,500.
Is ETH a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Ethereum, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of ETH has risen nearly 105% in the last 12 weeks.
