Since finding a bottom in June, ether has more than doubled its value.
Since hitting a low of $17,61 on June 19th, the price of the digital currency has increased by more than a third.
Since hitting its recent low on June 19th, ether has increased tenfold.
The big difference in performance between the two cryptocurrencies is due to a big upgrade in the ethereum block chain. The native currency of the network is ether.
The upgrade, called the "merge," is scheduled to take place on September 15. The proof-of-stake model will replace the proof-of-work model in the near future. You can find a full explanation of the merger here.
The move will make the network more energy efficient, according to proponents.
In an email to CNBC, Antoni Trenchev, co-founder of crypto trading platform Nexo, said that the upcoming ether merge is the biggest narrative in the space.
Ether has the wind in its sails ahead of the Merge due to the fact that it pitches itself as being energy efficient.
The recent rally of ether has been rapid.
The analyst said that there could be some resistance at the $2,000 mark. On Friday, the price of ether was $1814.
With no Federal Open Market Committee meeting scheduled for August and the stock market seeing a rebound, it is reasonable to believe that ether can still rally.
The asset needs more wind behind it's sail to break the $2,000 resistance.
Joseph said that ether is likely to win in the long run.
Trenchev says there are risks to the rally.
He said that the delay to the mid-September Merge will cause an unwind in the 50% rally since July.
There is a chance that traders make money on the rally.
The gains we have seen in ether could prove to be a buy the rumour sell the news type event.
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