Why Is Ethereum Price Up Today? Is Strong Whale Demand Fueling the Surge?

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After actively acting on the resistance level around $2,650 for the better part of last week, the Ethereum (ETH) price has successfully broken out and signaled the onset of its rising trend. Ethereum price established a robust support range between $2,223 and $2,320 since the August 5 crypto crash.

The large-cap altcoin, with a fully diluted valuation of about $328 billion and a daily average traded volume of around $16.2 billion, pumped over 3 percent in the past 24 hours to retest a crucial resistance level of around $2,748. 

Ethereum’s price managed to outshine Bitcoin (BTC) for the first time in several weeks, which teased $69k again since July.

Factors that Continue to Favor Ethereum Over Bitcoin Ahead

Anticipated Altseason Soon

#Alts cap

Keep very simple pic.twitter.com/NlbPI73aBP