Ethereum Breaking $3,100 Is ‘Just The Beginning’ In Quest To $10K: Analyst
10 November 2024 - 10:30PM
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Analysts see that Ethereum has the potential to reach a new
all-time high by December after it achieved its first breakout in
three months. Its growth can be attributed to the growing
optimistic sentiment on cryptocurrencies fueled by the results of
the recently concluded national elections. Related Reading:
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Soar—Analyst Ether Breaks The $3,000 Barrier Data has shown that
Ethereum experienced a big price hike–a growth that analysts said
could be the result of the triumphant victory of Donald Trump in
the US elections. Analysts said that the second largest crypto in
terms of market capitalization was able to move past the “critical”
$2,000 level, peaking at $3,179 on Sunday noon. Ethereum’s price
rally is being viewed as an indicator that after a period of
stagnation, the digital currency will gain momentum and will be on
the road to recovery, which is good news for ETH investors. Many
analysts suggested that the growth has something to do with the
incoming Trump administration. During the campaign, Trump has
already hinted that he is more inclined to have more favorable
regulations on cryptocurrencies. Hence, his victory signaled great
optimism about the future of crypto under his leadership. Ethereum
is among the digital currencies riding on this optimism, resulting
in a 20% price hike in the past week. Analysts also note that
another major contributor to the bullish momentum is the
significant increase in spot Ether ETF inflows. On November 8, data
showed that inflows recorded a weekly high of $85.9 million, an
indicator that investors are getting more confident about the
long-term potential of Ether. Ether market cap currently at $385
billion. Chart: TradingView.com An All-Time High Is Possible Market
commentators said that many indicators showed that a new all-time
high for Ethereum could be just around the corner, saying that it
could reach $3,366 any time soon. They added that ETH increased by
8% last Thursday. Analysts predicted that the crypto could hit a
new all-time high by December, fueled by a growing demand for the
top altcoin. One of these growth indicators is the coin’s open
interest which is also on the rise. #Ethereum $ETH at $3,000 today
is just the beginning! https://t.co/gpAfqbe2v5 — Ali (@ali_charts)
November 9, 2024 Reports illustrated that ETH’s futures open
interest (OI) experienced a massive uptick. It increased by about
20% to $16.18 billion from $13.05 billion in the last two days.
Analysts explained that OI refers to the total number of
outstanding contracts in a derivatives market. They added that if
OI went up together with prices, it meant new funds were entering
the market to fuel an upward trend. If Ethereum’s OI keeps on
growing, it might result in a massive price surge, propelling the
digital coin to reach a new record high before the year ends.
Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As
Token Rallies 11% The $10,000 Projection Analyst Ali Martinez
forecasted that there is a possibility that Ethereum could reach
the $10,000 mark, saying that breaching the $3,000 level is only
the start of the upward price movement. Martinez claimed that ETH
is on the right trajectory to attain the $10,000 level, comparing
the crypto to the S&P 500. Geoffrey Kendrick of Standard
Chartered agrees with the prediction, saying that ETH could hit
that level soon. Kendrick explained that the anticipation of
clearer crypto regulations by the new administration and what is
being perceived as a crypto-friendly government could fuel this
massive growth. Featured image from OneSafe, chart from TradingView
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