Ethereum's August Surge Leaves Bitcoin in its Dust

Ethereum's price surge in August has left Bitcoin in its dust. The cryptocurrency rose 40% during this period, far outperforming Bitcoin.

Nikolay Dudchenko, an analyst at Finam financial group, attributes the rise to changes in the quantitative easing program and a weakening U.S. dollar. He notes that these factors previously drove up Bitcoin's price as well.

For Ethereum, Dudchenko sees the $2,470 level as a key hurdle for buyers to overcome. If they succeed, the next target could be $2,800.

Sergey Gurdyumov of Qwerty Analytics disagrees with Dudchenko's optimistic outlook. He believes that after reaching short sellers' stop-loss orders and triggering a monthly imbalance level, Ethereum is due for a correction.