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Ethereum is on the cusp of potentially reaching a new all-time high by December, following its first significant breakout in three months. This growth is largely attributed to the increasing optimistic sentiment surrounding cryptocurrencies, spurred by the outcomes of the recent national elections.
Ether Surpasses the $3,000 Milestone
Recent data highlights a significant price increase for Ethereum, a surge that analysts believe is linked to the decisive victory of Donald Trump in the US elections. As the second-largest cryptocurrency by market capitalization, Ethereum successfully surpassed the crucial $2,000 threshold, reaching a peak of $3,179. This price rally is perceived as a positive sign for Ethereum, suggesting a potential recovery and momentum gain after a period of stagnation, which is promising news for ETH investors.
Many financial experts believe this growth is partly due to expectations surrounding the incoming Trump administration. During his campaign, Trump hinted at supporting more favorable regulations for cryptocurrencies, thereby generating optimism about the future of digital currencies under his leadership. Ethereum, riding this wave of optimism, experienced a remarkable 20% increase in price over the past week.
Another significant factor contributing to this bullish momentum is the substantial rise in spot Ether ETF inflows. On November 8, data reported a weekly high of $85.9 million in inflows, indicating growing investor confidence in Ethereum’s long-term potential.
Potential for a New All-Time High
Market analysts suggest that Ethereum is poised to reach a new all-time high soon, potentially hitting $3,366 in the near future. Last Thursday, ETH saw an 8% increase, further fueling this speculation. Experts predict that the rising demand for Ethereum could drive the cryptocurrency to achieve a new record by December, with open interest serving as a key growth indicator.
Reports indicate a notable surge in Ethereum’s futures open interest (OI), which climbed by approximately 20% to $16.18 billion from $13.05 billion over the past two days. Analysts explain that open interest reflects the total number of outstanding contracts in a derivatives market. When open interest rises alongside prices, it signifies the influx of new funds into the market, potentially leading to an upward price trend.
If Ethereum’s open interest continues to rise, it could lead to a substantial price increase, propelling the digital currency to reach a new record high before the year concludes.
The $10,000 Forecast
Analyst Ali Martinez projects that Ethereum could reach the $10,000 mark, emphasizing that surpassing the $3,000 level is merely the beginning of its upward trajectory. Martinez compares Ethereum’s potential growth to that of the S&P 500, suggesting a promising outlook for the cryptocurrency.
Geoffrey Kendrick of Standard Chartered shares this optimism, asserting that Ethereum could achieve the $10,000 milestone in the near future. Kendrick attributes this potential growth to anticipated clearer crypto regulations under the new administration and the perception of a crypto-friendly government.
As the year progresses, Ethereum investors and enthusiasts will be keenly watching for further developments that could drive the cryptocurrency to unprecedented heights.
