Ethereum, the largest altcoin after Bitcoin, made a major push and surpassed $3,000 for the first time since February.
While the rise in Ethereum coincides with the highly anticipated Crypto Week in the US, it is stated that increasing whale and institutional demand is effective in the rise.
While the rise is expected to continue in Ethereum and its altcoins, former BitMEX CEO Arthur Hayes, known for his bold predictions, said that the Ethereum season has begun.
Arthur Hayes argued in a recent X-season post that Ethereum has begun and urged investors to prepare for a new wave of explosion in the decentralized finance (DeFi) and NFT space.
“It’s ETH season and time to create a new profile picture.”
Following this post, Hayes updated his profile picture to CryptoPunk.
Ethereum Boosted by Asian Investors!
Ethereum’s surge, while late, has fueled market expectations for a rally. While ETH is expected to continue its rally, crypto services provider Matrixport stated in its analysis that, contrary to expectations, ETH’s rise was driven by the Asian market.
At this point, Matrixport stated that Asia played a leading role in Ethereum’s recent rise, while the crypto week in the US and increased ETF inflows from the US supported the overall crypto rally.
Analysts noted that ETH rose by 18% last month, with almost all of this increase occurring during Asian trading hours.
*This is not investment advice.
