The Ethereum price has risen by 0.5% in the last 24 hours, slightly exceeding the wider cryptocurrency market’s increase over the same period. At $1,215.91, its current price represents a 7.5% drop in a week and 6% gain in a month, with these movements coming at a time of ongoing instability for the market, which continues to be plagued by rising interest rates and fears surrounding the financial health of various trading platforms.
Despite the continued uncertainty, some analysts are confident that Ethereum (ETH) will perform strongly when wider market conditions improve. In fact, yesterday saw Bloomberg analyst — and noted bitcoin bull — Mike McGlone predict that ETH is likely to outperform BTC during the next bull market, as suggested by its relative outperformance of the original cryptocurrency since 2021.
Ethereum Price Prediction as Bloomberg Analyst Expects ETH to Outperform BTC in the Next Bull Market – Time to Buy?
ETH’s chart suggests an increase in momentum and a potential end-of-year rally. Its relative strength index (purple) has risen from 40 in the past couple of days, indicating an increase in upwards buying pressure.