Ethereum Surges 9.5%, Stalls Just Short of Key Resistance Level

Ethereum has seen its strongest daily gain of the summer so far, surging 9.51% to $2,098.70 after opening at $1,916.50 and reaching as high as $2,112.

This significant jump in price outperformed Bitcoin's 6.20% gain and is a clear indication that Ethereum is leading the market in this move.

The trigger for this surge is attributed to the US Treasury's announcement of doubling its long-dated bond buybacks, which has led to lower yields and a weaker dollar, creating easier financial conditions that encourage capital to flow towards riskier assets.

Ethereum had been stuck in a sideways trend for seven weeks, trading between $1,800 and $1,950 without breaking out or breaking down, but this sudden spike suggests that the market may be shifting gears.