The price of Ethereum has surged above $3,100, while Bitcoin continues to hover around $51,500, a move that reveals the possibility that Ethereum could overtake Bitcoin, setting the stage for what could be a huge altcoin boom in the coming months. The craze paved the way.
Ethereum is one of the extremely stable coins on trade, which allows it to reach bigger highs even with minimal bearish activity. Historical charts show that Ethereum continues to exhibit the expected rebound, maintaining its upward momentum. Judging from the latest price action, the second-largest coin is showing great strength and is expected to reach the $10,000 milestone by the end of 2024.
For a long time, Ethereum has shown sufficient strength relative to Bitcoin. With the latest moves, Ethereum may become even more important in the coming weeks, with a short-term target of $3,500. The spot Ethereum ETF deadline is less than 90 days away, and a wonderful bull market could begin at any time.
Ethereum’s open interest surged, approaching a new all-time high for 2021, confirming the bullish assertion. An increase in open interest indicates higher levels of liquidity in options contracts, making it easier for traders to enter or close positions at fair market prices. The influx of new money is likely to sustain the bullish trend in the long term. Open interest is currently close to 2021 highs, and a rise could turn this into strong support, keeping prices stable in the coming days.
ETH/BTC has broken through the key resistance level at 0.06 BTC and is expected to test higher levels after the weekly RSI breaks out and completes the pullback. Currently, ETH price seems to be rising and reaching $3,500 by the end of the month might not be a tedious task. According to the predictions of famous analyst Dr. Profit, the price of ETH is expected to reach 5 figures later this year.
Altcoins have begun to soar, with bullish strength growing for the second-largest coin Ethereum. If transaction volume continues to grow, ETH price may even form a new all-time high before the end of the first quarter of 2024.
