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The Ethereum price (ETH) has seen a 20% rise in the past three days, now at $3,770 whilst we write. Ethereum is the second largest crypto currency by market cap, ahead of Cardano and XRP and only behind Bitcoin. The market cap is $422B.

A quick run down

Ethereum was set up by Vitalik Buterin, who first came up with the idea in 2013. The founding principle of the project was to use blockchain technology for purposes beyond an alternative system of digital money. Developers can use the ETH platform to create and publish smart contracts and distributed applications (dApps). It can also be used for financial services (Defi) and NFTs (non-fungible tokens).

Where is the Ethereum price currently?

Ethereum is only 13% off its all-time high. Comparatively, Bitcoin is around 24% away. Ethereum will be knocking on the door of its all time high of $4372 in no time. Once this has happened, I believe more gains will quickly be seen. Cardano recently beat its all-time high after three months and has since seen another 25% gain in price in two weeks.

Ethereum also only needs another 55% gain to overtake Bitcoin’s current market cap. This may not be happening in the next weeks, but this is a catalyst to look out for as ETH looks set to take the top spot.

Key price levels to watch

I think this next leg up in price will continue to around $4,050. We may see a pullback after some selling pressure around $4,000, but then it will continue up towards its high of $4372.

There is support below at $3,400 if the price does fall from current levels before testing the zone above. But I think that the bullish sentiment for Ethereum and crypto will continue and help the price in the short term.

Chart provided by TradingView

It’s a buy

We believe ETH is a buy at these levels. The sentiment is very bullish and continues to get stronger as everyone pours back into crypto after the sell off in May. Ethereum looks set to make better gains than Bitcoin in the long term, in part due to its many uses as a blockchain. For me, it is one of the top crypto currencies, whether you are trading it for the short term price action or if you are looking for a long-term winner in your portfolio.

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