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Ethereum price back on track to $500 once bulls flip $400 to support

Published 10/13/2020, 12:21 PM
Updated 10/14/2020, 02:20 PM
Ethereum price back on track to $500 once bulls flip $400 to support

On Oct. 12 the price of Ether (ETH) soared 8.15% to reach a new monthly high at $387.75 on Binance. The rally from $366 to as high as $387.50 occurred as Bitcoin (BTC) price surged to $11,600, leading traders to speculate that the crypto bull market has restarted.

Over the past few weeks Ether’s fundamentals have strengthened and despite a sharp downturn in the price of decentralized finance tokens, the number of active users in the Ethereum network has continued to grow.

ETH/USDT daily chart. Source: TradingView.com
Bitcoin and Ether YTD performance. Source: Digital Assets Data
Ethereum hashrate. Source: glassnode

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