Ethereum Bounces Back to $1,969 as July Rally Continues Amid Year-Over-Year Losses

Ethereum's price has bounced back to $1,969.46 after weeks of consolidation in the $1,800-$1,900 range.

The bounce is part of a strong July rally for Ethereum, which is shaping up to be its best month in quite some time.

However, the year-over-year picture is not as rosy, with Ethereum down roughly $1,904 from where it was a year ago, despite its current price recovery.

According to Standard Chartered, Ethereum has long-term potential of reaching $40,000 by the next decade, which would imply multi-decade outperformance from current levels. However, this prediction does not account for new competitor chains like Solana and Polkadot, which are improving their scalability and interoperability.