Ether, the second-largest cryptocurrency by market value, is approaching the $4,000 mark, for the first time since December 2021. It’s currently trading at around $3,950. The cryptocurrency has been climbing over the past few months alongside bitcoin, which reached record highs March 5. Over the past 30 days, ether has outperformed bitcoin, climbing 67%, while bitcoin rallied 57% and the CoinDesk 20 Index, a gauge of the broader crypto market, rallied 53%. According to Kenny Hearn, chief investment officer at SwissOne Capital, ether is rising in sympathy with bitcoin’s recent success and preempting an altcoin rally. “There is nothing stopping ETH hitting the $4,000 level other than psychological resistance,” Hearn said in an interview. “We think it’s a high probability it will happen in the next 24 hours so long as U.S. labor data comes in as expected,” said Hearn. The U.S. is due to publish its February non-farm payrolls report at 13:30 UTC.
