✔️ Information reviewed and updated in September 2024 by Eduardo López
Analysts Point to Positive Signs Following Sharp Ethereum Price Increase in the Last 24 Hours
Ethereum's recent price change has captured the attention of analysts, sparking speculation about the possibility of an imminent bull rally. After facing significant competition from Solana over the past three months, Ethereum has seen an impressive 8.9% surge over the past 24 hours, marking a resurgence of bullish sentiment towards this cryptocurrency.
Jordi Alexander, chief investment officer at Selini Capital, expressed optimism in this regard, pointing to the recent rally in several altcoins and Michael Saylor's significant purchase of bitcoin on December 26, valued at $615 million. In a December 27 post on .
Pseudonymous trader Pentoshi shared his bullish outlook for Ether, presenting a semi-cryptic chart on X with a price target near $3,485.
Challenges and Competition with Solana
Despite seeing a 102% rise so far this year, Ethereum has been in the shadow of Solana's impressive 951% rise in the same period, according to data from TradingView. This outstanding performance by Solana, combined with a flurry of on-chain activity, led to claims about its superiority in terms of lower fees and faster settlement times compared to Ethereum.
Ethereum Perspectives and Its Unique Strengths
While some praise Solana's efficiency, Ethereum supporters point out that its network architecture is better suited for larger entities doing business on-chain. Additionally, they highlight layer 2 scaling solutions like Optimism and Arbitrum as examples of how Ethereum is addressing the issue of higher fees.
At the time of writing, Ethereum is trading at $2,417, showing an increase of 8.9% in the last 24 hours. In contrast, Solana has experienced a small retraction, trading at USD 104, reflecting a loss of 4.2% in the last day.
Follow the Evolution in Real Time
This sudden jump in Ethereum's price raises questions about the future direction of the second-largest cryptocurrency by market capitalization. Stay up to date with the latest updates, analysis and developments by following our social networks: Facebook, Twitter y LinkedIn. Find out how this exciting rally could shape the cryptocurrency landscape in the coming weeks.
