Ethereum (ETH) seems to have recovered from its recent descent to the sub $2,400 level. The asset is up by 2.7% in the daily charts, 6.9% in the weekly charts, and more than 7% over the previous week. ETH’s price is also up by nearly 67% since October 2023. Despite the rally, the second-largest cryptocurrency by market cap is down 1.8% in the 14-day charts.
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Factors Behind Ethereum’s Recent Surge And Future Price Predictions
Source: Changelly
Why Is The Crypto Market Rallying?
The latest pullback could be due to Bitcoin (BTC) reclaiming the $65,000 level. BTC’s resurgence could be due to investors taking on more risks after an interest rate cut last month. Ethereum (ETH) may be benefitting from the change in investor sentiment.
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Investors may also anticipate a Donald Trump victory in the upcoming US Presidential elections. Many analysts predict a market-wide rally if Trump returns to the White House after spending four years out of power.
Can Ethereum Hit $2800 This Week?
CoinCodex researchers anticipate ETH hitting a maximum price of $2,726.13 this week. Reaching $2,726.13 from current levels will translate to a rally of about 5.15%. The platform does not anticipate the asset breaching the $2800 level anytime before mid-November.
Source: CoinCodex
Changelly also does not expect ETH to breach the $2800 level this week. The platform predicts ETH will trade at a maximum price of $2,653.65 this week. Changelly does not anticipate ETH hitting $2800 sometime in November, predicting a maximum of $2,852.40 for the month. Reaching $2,852.40 from current prices will translate to a rally of about 10% from current levels.
Source: Changelly
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Given the market rally, ETH may also hit the $2800 level sooner than predicted. A Trump victory may also propel ETH to a new yearly peak.