Why Is Ethereum Price Up Today? Know In Detail

Why Is Ethereum Up Today? A Season For ETH, Altcoin

Ethereum (ETH) is Up Today: Why?

The price of Ether is up today, however, its dip toward $2,500 due to the continuing bearish setup in the coming days is possible, spoiling the relief rally. 

Ethereum’s Ether jumped by 3% in the past 24 hours and reached $3,430 today. There is an upward trend in the market too for altcoins. Ether’s intraday surge has coincided with renewed capital inflows into the US-based spot Ethereum ETFs. 

Bitcoin Dominance: A Season for ETH, Altcoin

Ether’s gains coincide with Bitcoin’s sharpest regular underperformance against the altcoin market this year. Such movements start altcoin season when Ether-like large altcoins outperform Bitcoin. 

Bitcoin’s market dominance can further decline in the coming weeks as per the Bitcoin Dominance Index data. 

Ethereum ETF Inflows Resume

Ether price is linked to resurgence of ETF inflows and optimism around Ethereum. The US ETFs have collectively witnessed $1.47B in inflows this month.

Ethereum Bear Pennant Persists

The price rise also aligns with the trend occurring inside appearing to be bear pennant (triangular structures during downtrends). As of Dec.24, Ether bounced after testing the pennant’s lower trendline support. The support area has had high trading activity. The price can now close below the lower trendline and the price can hence decline toward $2525 by the year end. 

Now, if a breakout above the triangle’s upper trendline invalidates the bearish setup, Ether’s price can go over $3500.