Ethereum (ETH) continues its strong upward trajectory, recently surging past the $3,300 mark. This significant price increase represents a substantial climb from its July level hovering around $2,400.
The rally is primarily driven by heightened demand from institutional and corporate buyers. Simultaneously, the influx of positive capital into spot Ethereum Exchange-Traded Funds (ETFs) has provided sustained upward pressure, reflecting growing market confidence.
Market analysts are expressing a bullish outlook for the cryptocurrency. Many predict continued growth potential, with projections suggesting ETH could reach the $4,000 price point before the end of the year.
Supporting this optimistic sentiment is the Net Unrealized Profit/Loss (NUPL) metric. Current readings indicate the market is not yet exhibiting signs of being overextended, suggesting room for further appreciation.