The price of Ether (ETH) has bounced to a new all-time high (ATH) on Friday as information technology striking $iv,400.97 at around 1:02 am UTC, according to the ETH/USD price indexes on Coinbase and CoinMarketCap.

At the time of writing, ETH is currently priced at $4,380, with the nugget surging effectually 46.six% since the kickoff of October. CoinMarketCap's toll index indicates that the previous ATH was only eight days agone, with the asset reaching a price of $4,308.48 on Oct. 21.

ETH has been on a bullish tear since dropping to effectually $1,780 on July 21 and has since gained 147% to rise to a new indicate of price discovery.

ETH/USD Chart Oct. Source: CoinMarketCap

Cointelegraph reported on Thursday that the Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.vii% of the nodes upgraded at the time. A successful Altair upgrade to the Buoy Chain was seen as an important factor clearing the way to the merge with the Ethereum mainnet and the transition to a proof-of-stake consensus mechanism in Ethereum ii.0.

Ethereum's success is too being driven by the platform's use in the booming decentralized finance and nonfungible token sectors. They highlight ongoing rising demand for Ether in the future, thus ensuring additional tailwinds to its bullish outlook in Q4 2022 and mayhap into 2022.

Since July, Ethereum has also undergone important upgrades, such equally the London hard fork that introduced a deflationary burning mechanism to the asset as part of the network's fee structure.

Related: Data shows Ethereum bulls look a new ATH afterward Friday'due south $i.25B ETH options expiry

The overall marketplace sentiment in crypto has likewise been positive of late, with the United states of america Securities and Exchange Committee approval multiple Bitcoin futures-based exchange-traded funds to launch on the New York Stock Exchange. Bitcoin (BTC) hit new all-fourth dimension high prices in the wake of the news.