Ethereum price back on track to $500 once bulls flip $400 to support

After rallying 8.15% to $387, Ethereum price is fast approaching a key resistance at $400. 45 Total views.

On Oct. 12 the price of Ether soared 8.15% to reach a new monthly high at $387.75 on Binance.

The rally from $366 to as high as $387.50 occurred as Bitcoin price surged to $11,600, leading traders to speculate that the crypto bull market has restarted.

Over the past few weeks Ether's fundamentals have strengthened and despite a sharp downturn in the price of decentralized finance tokens, the number of active users in the Ethereum network has continued to grow.

When Bitcoin price rallies Ether is usually the first beneficiary and this was the case again as BTC price rallied to a key multi-year resistance at $11,500.

During bull cycles or even short-term uptrends, Bitcoin follows Ether and vice versa.

High time frame charts, including the weekly and monthly charts, depict a bullish outlook for Bitcoin.

Activity on the Ethereum blockchain has consistently remained high.

"Ethereum hash rate hits an ATH. Ethereum miners have pushed the hash rate to a new record high in the wake of the #DeFi hype and surging fees. It crossed 250T/s and is now up 80% since the beginning of the year."

The confluence of a strong Bitcoin rally and robust Ethereum fundamentals likely catalyzed the sharp Ether rally.