The recent rise in the price of Ethereum (ETH) has taken it above the $4000 mark once more, marking a significant event in the cryptocurrency community. This article explores the reasons behind this increase, as well as expert opinions.
Ethereum Price Movement
Ethereum reached $4,209.46 early in the morning, signifying a gain of 7.97% in the last 24 hours. This rise confirms the significance of the $4000 level, which was last reached in mid-December 2024.
Record Address Activity
The price surge of ETH occurred alongside high network activity. Ethereum recorded 4.1 million active addresses between July 28 and August 3, marking a record. Additionally, there were 11.87 million transactions recorded, the highest in the network's history.
Analysts' Predictions and Statements
Analyst Tom Lee recently stated that Ethereum is experiencing its 'Bitcoin moment' from 2017. He noted that Ethereum is becoming the preferred blockchain for major banks. Lee also predicts a potential rally for Bitcoin to $16,000 based on the rising ETH to BTC ratio returning to 2021 highs.
The current rise in Ethereum not only reflects positive market changes but also highlights the network's importance in the financial landscape, supported by a multitude of active users and interest from major investors.
