The price of %Ethereum (CRYPTO: $ETH), the second largest %Cryptocurrency after %Bitcoin (CRYPTO: $BTC), is up 6% in the past 24-hours and nearing $3,800 U.S.
Ethereum is currently trading at $3,820 U.S., its highest level of the year, as the current rally in cryptocurrencies broadens out beyond BTC.
Ethereum is getting a lift as financial institutions and treasury companies pour money into the digital asset.
U.S.-listed spot Ethereum ETFs saw record inflows of $2.18 billion U.S. over the past week after major crypto legislation was passed by lawmakers in Congress.
As the price of ETH rises, some analysts are forecasting that prices will surge much higher in coming weeks and months.
Tom Lee, head of research at Fundstrat, says that the price of Ethereum could reach as high as $15,000 U.S. given current momentum and bullish signals.
Lee notes that support for Ethereum has formed around $3,590 U.S. to $3,610 U.S. and that transaction volumes have surpassed the 24-hour average of 215,432 units.
This consistent upward momentum with successive higher lows potentially indicates ongoing institutional capital allocation, positioning Ethereum for a possible rally beyond current levels.
As Ethereum marches higher, the price of Bitcoin is currently at $118,200 U.S., having declined 0.18% in the past 24 hours.
