The price of the Ethereum will be back at $ 500 once the bulls turn around $ 400 to support

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On October 12, the price of Ether (ETH) rose 8.15% and reached a new monthly high of USD 387.75 on Binance. The rally from $ 366 to $ 387.50 came as the price of Bitcoin (BTC) rose to $ 11,600, causing traders to speculate that the Crypto Bull market was restarting.

In the past few weeks, Ether fundamentals have improved, and despite a sharp drop in the price of decentralized financial tokens, the number of active users on the Ethereum network has continued to grow.

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ETH / USDT daily chart. Source: TradingView.com

Ether follows Bitcoin in a strong intraday rally

When Bitcoin price rises, ether is usually the first beneficiary, and it did so again when BTC price rose to a major multi-year resistance of $ 11,500.

During bull cycles or even short-term uptrends, Bitcoin follows Ether and vice versa. Both cryptocurrencies tend to move together, with one of the two driving the other forward.

Bitcoin and Ether YTD performance. Source: Digital asset data

For the past two weeks, traders have focused on Bitcoin’s cheap technical structure. Crypto trader Cantering Clark said the “context” of market dynamics is also important.

High-time frame charts, including the weekly and monthly charts, show an optimistic outlook for Bitcoin. On top of that, other events like Square and MicroStrategy, which are investing nearly $ 500 million in Bitcoin, could add to the positive sentiment. Clark stated:

“The context encompasses not just the structure of the market, but also all kinds of underlying growth drivers that may play a role. It’s hard to be bearish on BTC. You could essentially create a wheel of bullish tweets, spin it at random, and be right in this market almost immediately. “