Ethereum (ETH) has shown strong potential for a new all-time high after breaking out of its three-month slump. Analysts believe this upward momentum could lead to a new record by December, driven by a surge in optimistic sentiment around crypto.
Ethereum Breaks the $3,000 Barrier
Ethereum recently crossed the $3,000 mark, peaking at $3,179. This rally comes shortly after the US election results, with market analysts linking the price surge to Donald Trump’s victory. Trump’s pro-crypto stance during his campaign has fueled investor optimism, suggesting that favorable regulations may be on the horizon.
The recent gains for Ethereum are seen as a sign of recovery after months of stagnation. ETH has jumped by 20% in the past week, showcasing strong market momentum.
Rising Spot ETF Inflows Boost ETH
Another key factor driving Ethereum’s recent growth is the significant increase in spot Ether ETF inflows. On November 8, weekly inflows reached $85.9 million, indicating rising investor confidence. This surge in inflows points to a growing belief in Ethereum’s long-term potential.
Analysts See New All-Time High Ahead
Market experts are optimistic that Ethereum could soon hit a new all-time high. They estimate that ETH might reach $3,366 soon, citing strong demand for the altcoin. Additionally, ETH gained 8% last Thursday, adding to the bullish outlook.
The rise in Ethereum’s open interest (OI) is another strong indicator. OI, which measures the total number of outstanding contracts in the derivatives market, increased by 20% in just two days, climbing from $13.05 billion to $16.18 billion. When OI rises along with price, it often signals new funds entering the market, pushing the trend higher.
If this trend continues, Ethereum could experience a significant price rally, potentially reaching a new record high before the year ends.
Can Ethereum Reach $10,000?
Analyst Ali Martinez believes Ethereum’s recent breakout is just the beginning of a broader upward movement. He forecasts that ETH could hit $10,000, citing similarities with the performance of the S&P 500. Standard Chartered’s Geoffrey Kendrick shares this bullish outlook, stating that the potential for clear crypto regulations under the new administration could drive massive growth for Ethereum.
The expectation of a crypto-friendly government has heightened investor confidence, making a $10,000 target for Ethereum seem achievable.
