After trailing behind Solana (SOL) significantly for the past three months, Ethereum’s (ETH) price experienced a sudden 8.9% spike in the last 24 hours, reigniting bullish sentiment for the cryptocurrency.
Does Ethereum Gain Signal the Onset of a Significant Trend?
Jordi Alexander, Chief Investment Officer at Selini Capital, expressed optimism, stating, “The revenge of the ETH is starting,” citing recent rallies in several altcoins and Michael Saylor’s $615 million Bitcoin purchase on December 26 as favorable factors for Ethereum’s potential upside in the coming weeks. Alexander highlighted the compelling risk/reward ratio for Ether and anticipated a liquidity surge in January.
Pseudonymous trader Pentoshi shared a bullish target for Ether on X, presenting a semi-cryptic chart with an approximate price target of $3,485, adding, “Slowly, then all at once.“
The ongoing conflict between community members of the Solana and Ethereum ecosystems has intensified in recent weeks. Despite Ether’s 102% year-to-date gain, its price performance has been overshadowed by Solana, which has recorded an impressive 951% gain since the beginning of the year, according to TradingView data.
The substantial price performance, coupled with a surge in relative on-chain activity, prompted many to argue that the network’s lower fees and quicker settlement times positioned it as the superior blockchain compared to Ethereum. Conversely, Ethereum supporters contended that the network’s architecture was better suited for larger entities engaging in on-chain transactions, citing layer-2 scaling solutions like Optimism and Arbitrum as examples of cost-effective fee structures on ETH.
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