Ethereum (ETH) Rebounds, Can It Break $2,800?Ethereum (ETH) appears to have recovered from its recent dip below $2,400. The asset is up 3
Ethereum (ETH) Rebounds, Can It Break $2,800?
Ethereum (ETH) appears to have recovered from its recent dip below $2,400. The asset is up 3.8% on the daily chart and 8% on the weekly chart. ETH prices have also risen nearly 68.5% since October 2023. Despite the surge, the second-largest cryptocurrency by market cap is down 1.0% on the 14-day chart.
What are the factors behind the recent surge of Ethereum? Why has the cryptocurrency market gone up? The latest pullback could be due to Bitcoin (BTC) reclaiming the $65,000 level. BTC's recovery could be due to investors taking on more risks following the interest rate cuts last month. Ethereum (ETH) may have benefited from the change in investor sentiment.
Investors may also be anticipating a Donald Trump victory in the upcoming US Presidential election. Many analysts predict that the entire market would see a rebound if Trump returned to the White House after a four-year hiatus.
Can Ethereum hit $2,800 this week? CoinCodex researchers predict that ETH will reach a peak price of $2,726.13 this week. Reaching $2,726.13 from the current levels would mean a surge of about 5.15%. The platform doesn't expect the asset to break the $2,800 level until mid-November.
Changelly also doesn't believe ETH will cross the $2,800 mark this week. The platform predicts ETH's peak price for this week to be $2,653.65. Changelly doesn't expect ETH to reach $2,800 at some point in November, forecasting a peak price of $2,852.40 for the month. Reaching $2,852.40 from the current price would mean a surge of about 10% from current levels.
Given the market rally, ETH could also touch the $2,800 mark sooner than expected. A Trump victory could also propel ETH to establish a new yearly peak.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
