ETH Price Teeters on Breakout as Bulls Eye Violent Move Upwards
Ethereum's price is showing signs of a potential breakout as it teeters on reaching $2,500 per unit. Currently trading at $2,479, up 1.3% against the U.S. dollar over the last day, ether's market cap remains solid at $302 billion.
Despite its recent volatility, Ethereum has seen significant gains this month, increasing by 29.6% against Bitcoin. This surge in price has some analysts predicting a violent and quick move upwards for ether.
Arthur Hayes, co-founder of BitMEX, is among those who believe in ethereum's potential. He recently stated that his number one pick right now is Ethereum, with the possibility of it doing '3x to 5x pretty quickly.'
However, not everyone shares this optimism. Historically, crypto markets have not performed well in September, and many analysts are cautious about predicting a turnaround.