🔖 Ethereum price charges toward $2,000 as Nasdaq rally revives demand
🔔 Ethereum price has climbed from $1,800 to an intraday high near $1,945 after a technology-led Wall Street rebound revived risk appetite, although resistance below $2,000 has kept traders cautious.
⚠️ According to data from cryptonews, Ethereum price traded near $1,929 at the time of writing, about 6% above its July 21 low. Buyers initially followed U.S. equities higher as the Nasdaq Composite gained 1.3% and the S&P 500 added 0.9%, led by semiconductor and artificial intelligence stocks. Micron rose 12.2%, while Nvidia advanced 2%. Notably, enthusiasm around upcoming technology earnings drove the session.
👀 Momentum also improved against Bitcoin. Crypto trader Daan Crypto Trades noted that ETH has outperformed BTC during the third quarter after falling 29.26% in the first quarter and another 25.28% in the second. CoinGlass data shared by the trader showed Ethereum up 22.98% so far in Q3, compared with an average third-quarter return of 8.86% since 2016. According to Daan, the rebound followed Ethereum’s weakest first half since 2022, making the recovery less unusual despite Q3’s historically slow performance.
🔗 Bitcoin’s ability to retain its recent gains therefore remains relevant to ETH’s next move. A fresh Bitcoin sell-off could drain demand from altcoins even if Ethereum continues to outperform on a relative basis.