Ethereum Surges Amid U.S Political Boom; Is $3000 Next?

Ethereum tokens are trading at $2,618.78 at the time of writing this article. That has triggered speculation that Ethereum can achieve a new high soon. It is closely associated with two factors – the rise in the value of BTC and more clarity on who will win the next US Presidential elections.

The current value of Ether is up by 7.54% in the last 24 hours and 7.07% in the last 30 days. Future predictions are bullish, too, with near-term predictions estimating a growth of 6.43% in the next 30 days. That will take the value to $2,762.12.

Ethereum on a Bull Run?

A common, or rather a more popular, projection is that ETH will be above $3,000 by the end of November and closer to $4,000 by the end of 2024.

Most of the trades have been in green. Dynamics changed in the 9 hours when the price of ETH picked from $2,432.07. The lowest that it went to was $2,408.67; however, it was high in comparison to the performance in the last 7 days. The weekly low was $2,366.05 to harshly test the mark of $2,350 which would have potentially invited further declines.

The prevailing volatility of ETH is 3.46% with a 14-day RSI of 41.25. More highs are on the horizon as the 200-day SMA is $2,931.02. It means that the ongoing movement on the price chart is a downtrend and ETH has a lot to pick up for an accelerated rise.

Whales are on the accumulation spree for BTC and PEPE. A slight dip in Ethereum and the same would make it to the surface for the digital token. It carries a potential ROI of 3.65% till November 11, 2024, according to data by Coincodex. The highest that it is projected to go is $3,419.47 with an average value of $2,982.57.

Its market cap was on the lower side on November 05, 2024, but the trading volume picked up good numbers. They were reported at $21.73 billion despite a fall to $293.01 billion from $294.84 billion in the market cap.

Ethereum’s All time high of $4,867.17 was recorded on November 10, 2021. Factors that will fuel an uptick in its values are fluctuations for BTC, overall market sentiments, and mainstream adoption. Fluctuations are certain for BTC except they could help the flagship crypto to rise.

Overall market sentiments are optimistic because Donald Trump has committed to bringing more supportive regulations for the market. Mainstream adoption is poised to rise if regulatory policies do indeed get government support.

That said, Spot Ethereum ETFs did not report figures on November 05, 2024. The last number that was made public was a net outflow of $63.2 million on the previous day.

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