Ethereum Price Above $2,300: 3 Reasons Why ETH Is Leading This Rally
Ethereum is trading at $2,389 at the time of writing, up 2.73% on the day after opening at $2,326 and reaching $2,396. The intraday high has come within four dollars of $2,400, a level that has capped every rally since April.
The headline number understates what actually happened. ETH has gone from roughly $1,900 to nearly $2,400 in three sessions. That is a move of about 25% on the week, and it delivered Ethereum's largest single-day gain since May 2025.
More to the point, $ETH is not simply following Bitcoin higher. It is running ahead of it. For an asset that spent most of 2026 as the market's underperformer, that reversal is the actual story here.
Why is the Ethereum price above $2,300?
Ethereum is above $2,300 because capital is rotating out of Bitcoin and into ETH for the first time this cycle, and it is hitting a float that has been quietly shrinking all year.
The initial trigger was shared with the rest of the market. What happened afterwards was not. On 20 August, Ethereum surged nearly 20% in a single day, its largest one-day gain since 9 May 2025, far outperforming Bitcoin, which rose close to 10% on the same session.
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