The Ethereum price has shown a very strong performance this week. ETH has risen more than 22% since the beginning of the week. The largest altcoin is even less than a dollar from a new high in 2020.
Ethereum price can go up to $ 367 As Newsbit previously reported, two key fundamental factors can be identified for Ethereum's strong price performance. The first factor is the upcoming Ethereum 2.0 upgrade. The second factor is the explosive growth of the decentralized financial sector (DeFi).
The strong upward movement started on July 21, when the Bitcoin price rose to $ 9,430. At that time, we also saw a peak in high volume at Ethereum. ETH rose above the falling trend line and the price rose above $ 246 at the time.
Once above USD 245 resistance, the Ether price rose to the USD 270 resistance level and later even to USD 281. If the price continues to rise and hit the February 14 high of $ 288, a rapid rise to $ 315 may be possible. If this level is also breached, ETH will even be able to retest the June 2019 high ($ 367).
Ethereum outperforms Bitcoin
Ethereum has been performing very well lately, not only against the dollar, but also against the Bitcoin. While the Ether price rose to $ 287, the Bitcoin price fluctuated around the $ 9,600 level.