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As Bitcoin price moved to $9.6K, the price of the Ethereum token Ether (ETH) is on the verge of rallying to a new 2020 high.
Ether (ETH) price has shown an incredibly strong performance this week, rising more than 22% since the start of the week and currently less than one dollar away from setting a new high for 2020. Crypto market weekly price chart. Source: Coin360As reported by Cointelegraph, the upcoming Ethereum 2.0 upgrade and the explosive growth of the decentralized finance (DeFi) sector are being attributed to the current bullish sentiment surrounding the second-biggest cryptocurrency by market capitalization. The strong upside move began on July 21 when the Bitcoin (BTC) price surged to $9,430 and a high volume spike pushed Ether price above the descending trendline and the high-volume visible profile visible range (VPVR) level at $246. Once above $245, Ether price exploited the VPVR gap from $246 to $263 and pushed through the resistance level at $263-$271.ETH/USD daily chart. Source: TradingViewIf the bulls are able to push the price above the Feb. 14, 2020 high at $288.32, then a quick rise to $317 is a possibility. Breaching this level will put ETH price in position to retest the June 2019 high at $367. Ether price as % of BTC price. Source: SkewThe ETH/BTC pair is also showing strength and according to data from Skew, Ether’s price as a percentage of Bitcoin price has risen to a new high. Ether daily price chart. Source: Coin360As Ether price rallied to $287.23, Bitcoin price fluctuated around the $9,600 level. Many of the top-20 altcoins also posted moderate gains. Cardano (ADA) rallied 8.42%, Binance Coin (BNB) added 7.73%, and Litecoin (LTC) gained 6.42%.   According to CoinMarketCap, the overall cryptocurrency market cap now stands at $289.3 billion. At the same time, Bitcoin’s dominance index has been trending down since the 2020 highs of 67% to the current 61%.Keep track of top crypto markets in real time here