- Ethereum’s price has jumped nearly 9% recently, leading some traders to believe it is primed for a larger move upwards after underperformance.
- Several altcoins like Solana have seen notable rallies, and Michael Saylor’s recent $615 million Bitcoin purchase provides a foundation for ETH to trend upwards.
- Bullish sentiment is building for Ethereum, with traders like Pentoshi pointing to altcoin rallies and Saylor’s purchase as reasons for a bullish ETH outlook.
Ethereum’s price has jumped nearly 9% in the last 24 hours, leading some traders to believe the asset is primed for a larger move upwards after months of underperformance.
Recent Altcoin Rally
Several altcoins have seen notable rallies recently. Additionally, Michael Saylor purchased another $615 million worth of Bitcoin on December 26, providing a solid foundation for ETH to trend upwards over the coming weeks according to some.
Bullish Sentiment Building
Jordi Alexander, Chief Investment Officer at Selini Capital, stated on December 27 that “The revenge of the ETH is starting,” pointing to the altcoin rallies and Saylor’s BTC purchase as reasons for his bullish Ethereum outlook.
Pseudonymous trader Pentoshi posted a chart with an approximate ETH price target of $3,485. “Slowly, then all at once,” he added.
Ethereum vs. Solana
Solana (SOL) has vastly outperformed Ethereum over the past three months, fueling heated debate between the two communities. While ETH has gained 102% year-to-date, SOL has surged 951% in the same timeframe.
Some claim Solana’s lower fees and faster settlement times make it superior to Ethereum. However, Ethereum supporters say the network’s architecture is better suited for enterprise usage and point to layer-2 solutions as ways to reduce ETH fees.
Current Market Action
At press time, ETH trades around $2,417, up 8.9% in the last 24 hours. Meanwhile, SOL rests at $104, down 4.2% on the day.
