Ethereum prices have exceeded $2,400 for the first time since March this year

Ethereum’s price surged by 50% over the past month, a growth significantly surpassing Bitcoin (BTC)’s 19% gain over the same period.

Ethereum’s price has crossed the $2,400 mark since March this year, marking a significant recovery in the second largest cryptocurrency in market capitalization.

This surge represents a 50% increase in the past month, much higher than the 19% increase in Bitcoin (BTC) over the same period. As a result, more and more market experts are beginning to see Ethereum as the main investment cryptocurrency.

Ethereum price potential soars

Among these experts, VirtualBacon is a well-known figure in the crypto analytics community who recently asserted, “Ethereum is the best cryptocurrency to buy at present.” He acknowledged that the surge in Ethereum prices may not be as compelling as other cryptocurrencies, but he highlighted the fundamental advantages of ETH.

In a recent social media post about X (formerly Twitter), VirtualBacon shares his latest timeline and goal for Ethereum prices. He noted that the cryptocurrency is currently trading at about $2,500, a sharp rebound from its 2022 low during the April market sell-off.

According to analysts, a key indicator of Ethereum's potential is the ETH/BTC trading pair, which recently rebounded from multi-year support levels.

Historically, this rebound often marked the beginning of an altcoin cycle, consistent with changes in global liquidity. This time, if Ethereum price can recover the 0.382 Fibonacci retracement level against Bitcoin, it will see a significant increase of about 60%.

A further retracement to the 0.5 level will put its value above 0.05 BTC, indicating a greater bullish momentum. Currently, Ethereum prices are consolidated around these key levels, which is seen as a strong accumulation range before macroeconomic conditions change.

Solana is faster, but ETH has RWA

Analysts continue to argue that although Solana (Sol) is faster in trading, Ethereum remains the basis for most real-world applications (RWAs) and stablecoins. Legally, it is also the only altcoin recognized as a commodity, gaining the trust of institutional investors.

Looking ahead, Ethereum's future performance is closely related to the Federal Reserve's monetary policy decisions. As the rate of quantitative tightening (QT) slows to $5 billion per month, the lowest in recent history, analysts are eagerly awaiting potential pauses in the third or fourth quarter of this year.

According to VirtualBacon's forecast, this pause could trigger the bottom of the ETH/BTC pair, laying the foundation for a significant upward movement of Ethereum prices.

VirtualBacon maintains bullish outlook for Ethereum, which suggests that ETH may reach its $10,000 target if Bitcoin reaches $200,000. If Bitcoin climbs to $250,000, then Ethereum’s price could surge to $12,000.

At the time of writing, ETH traded at $2,440, an increase of 8% over the past seven days.

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