Ethereum's price has risen by 2.26% today, reaching $3,439.17, as it recovers from a weekend slump. The increase is attributed to a broader market recovery and positive sentiment surrounding Ethereum's potential to outperform Bitcoin in the near future. According to Akash Girimath from CoinGape, Ethereum is expected to breach the $3,500 mark and possibly retest $4,000 by the end of the week. This optimism is partly driven by the anticipation of Bitcoin crossing the $100,000 level, which could further boost Ethereum's price. The recent developments in Ethereum's ecosystem, including the ongoing transition to native Layer 2 blockchains, are also contributing to the positive outlook.
Additionally, prominent crypto analyst Altcoin Sherpa highlighted that the ETH/BTC pair is nearing a significant turning point, suggesting that Ethereum could see further gains once Bitcoin's current rally concludes. Sherpa's analysis indicates that the ETH/BTC pair presents a substantial investment opportunity, as the market may enter a new cycle favoring altcoins. This sentiment is echoed by the broader crypto community, which is closely monitoring Ethereum's performance against its competitors like Solana.