Big Rally Expectations for Ethereum (ETH)
Recently, there has been significant activity in the cryptocurrency market due to the impact of the elections in the USA. Especially Ethereum (ETH) attracts attention with its price approaching $ 2,900. Considered one of the leaders of cryptocurrencies, ETH joined the upward market trend following Donald Trump’s election success. It increased by approximately 10% in the last 24 hours, reaching 2 thousand 880 dollars. Since the beginning of 2024, ETH has recorded a growth of 25%. This situation paves the way for analysts to argue that the value of Ethereum is still low.
Crypto analyst Byzantine General expressed his expectation of a “wild rally” for ETH in his post on the X platform on November 6. This comment caused great excitement among investors. Byzantine General’s statements are quite remarkable: “I think ETH can start a big rally.” Such predictions carry a hopeful message about ETH’s potential for investors.
Latest Status of Ethereum and Reasons for its Rise
According to data, the Ethereum (ETH) price managed to exceed $ 2,800 for the first time since August. According to Cointelegraph sources, this rise was a surprising development for crypto investors. Crypto analyst Miles Deutscher stated that ETH has performed better than other major cryptocurrencies such as Bitcoin (BTC) and Solana (SOL) in the last 24 hours. Deutscher attracted attention with the phrase “Understand the incomprehensible” in its message shared on the X platform.
Another analyst, Benjamin Cowen, suggested that Ethereum remained below its potential against Bitcoin. Cowen stated that the Simple Moving Average (SMA) in the ETH/BTC parity is an important indicator. He argues that if SMA makes a positive break in this parity, the uptrend may become even stronger. On the other hand, the ETH/BTC parity dropped to $0.03496 on November 6, reaching its lowest level in recent years, which created concern among investors.
Investors’ Expectations and Price Forecasts
Following Trump’s election results, ETH’s rise to $0.038 in BTC parity was a positive signal for crypto investors. Many investors think that the current price of ETH is quite low and presents a significant buying opportunity in the future. In particular, the view that ETH may enter a potential uptrend has become widespread.
- Ryandcrypto: If ETH rises to $5k, this will be the most significant rally of all time.
- Tapeiro: He predicts that the ETH price is low at its current level and will rise above $8,000 next year.
All in all, these predictions about the future of Ethereum mark an exciting time for investors. Despite the uncertainties in the markets, ETH’s potential and upward expectations are followed with great interest in the cryptocurrency world. Investors should be careful in this process and act by taking market dynamics into consideration.
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