Ethereum Surges 50% In A Month, Hits $2,400 Mark

Ethereum, the second-largest cryptocurrency by market capitalization, has surged past the $2,400 mark for the first time since March of this year. This significant recovery represents a 50% increase over the past month, outpacing Bitcoin’s 19% rise during the same period. This surge has led market experts to view Ethereum as a premier cryptocurrency for investment.

VirtualBacon, a prominent figure in the crypto analysis community, recently declared that Ethereum is the best cryptocurrency to buy at the moment. He emphasized that while Ethereum’s price may not have surged as dramatically as some other cryptocurrencies, its fundamental strengths remain robust. In a recent social media post, VirtualBacon highlighted his updated timeline and targets for the Ethereum price, noting that the cryptocurrency is trading near $2,500, a significant recovery from its lows in 2022 reached during the market sell-off in April.

According to the analyst, a key indicator of Ethereum’s potential is the ETH/BTC trading pair, which recently rebounded from multi-year support levels. Historically, such bounces have often signaled the onset of altcoin cycles, aligning with shifts in global liquidity. VirtualBacon asserts that if the Ethereum price can reclaim the 0.382 Fibonacci retracement level against Bitcoin, it could see a substantial gain of approximately 60%. A further retracement to the 0.5 level would push its value beyond 0.05 BTC, enhancing the bullish sentiment surrounding Ethereum.

Currently, the Ethereum price is consolidating around these critical levels, which are viewed as a strong accumulation range before macroeconomic conditions shift. VirtualBacon also argued that while Solana (SOL) is faster in terms of transaction speeds, Ethereum remains the backbone for most real-world applications (RWAs) and stablecoins. It is also the only altcoin recognized as a commodity in legal terms, gaining trust from institutional investors.

Looking ahead, Ethereum’s future performance is closely tied to the Federal Reserve’s monetary policy decisions. With quantitative tightening (QT) slowing to $5 billion per month—the lowest rate in recent history—the analyst is keenly anticipating a potential pause in QT by the third or fourth quarter of this year. VirtualBacon forecasts that this pause could trigger a bottoming out of the ETH/BTC pair, paving the way for significant upside movement for the Ethereum price.

VirtualBacon maintains a bullish outlook for Ethereum, suggesting that if Bitcoin reaches $200,000, ETH could hit a price target of $10,000. If Bitcoin climbs even higher to $250,000, the Ethereum price could soar to $12,000. The daily chart shows ETH’s price recovery over the past 30 days. When writing, ETH trades at $2,440, up by 8% in the past seven days.