On Oct. 12 the price of Ether (ETH) soared 8.15% to reach a new monthly high at $387.75 on Binance. The rally from $366 to as high as $387.50 occurred as Bitcoin (BTC) price surged to $11,600, leading traders to speculate that the crypto bull market has restarted.
Over the past few weeks Ether’s fundamentals have strengthened and despite a sharp downturn in the price of decentralized finance tokens, the number of active users in the Ethereum network has continued to grow.
ETH/USDT daily chart. Source: TradingView.com
Ether follows Bitcoin in a strong intraday rally
When Bitcoin price rallies Ether is usually the first beneficiary and this was the case again as BTC price rallied to a key multi-year resistance at $11,500.
During bull cycles or even short-term uptrends, Bitcoin follows Ether and vice versa. Both cryptocurrencies tend to move in tandem, with either one frontrunning the other.
Bitcoin and Ether YTD performance. Source: Digital Assets Data