Ethereum (ETH), after many years of struggling, reached a new high on August 24, reaching $4,946.05. ETH came close to breaking the $5000 barrier, but just missed it. After a period of macroeconomic volatility in September, there was a slight correction on the crypto markets. Since then, the market has recovered. Bitcoin (BTC), which hit a record high of $126,080 in October, is a good example. We’ll discuss if Ethereum’s (ETH) path can be followed by Bitcoin (BTC), and reach a new high.
Can Ethereum Reach a New All Time High?
According to CoinGecko’s ETH dataEthereum’s price has risen by 2.5% within the past 24 hour, 11,8% over the last 7 days, 11.2% on the charts for 14-days, 9.2% since the beginning of the month and 88.3% from October 2024. ETH has fallen by 5.5% since its recent high.
October is usually a bullish market for crypto. According to historical data, the current pattern of market activity seems to be in line with it. A rate reduction is likely to occur this month. In conjunction with historically bullish data, a rate reduction could spark a rally across the market. Ethereum (ETH), if the market continues to be bullish in the next few weeks, could reach a record high.
Ethereum’s big gains (ETH), over the last couple of months, are probably due to ETF inflows. ETF inflows are likely to continue their upward trend over the next few months. Corporate Treasury has also been a key driver of the current cycle.
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According to CoinCodex analysts, Ethereum (ETH) will continue to rally In the coming months, expect to see a significant increase in prices. On October 11, the platform predicts the asset will pass the $5000 threshold. CoinCodex further predicts ETH to reach $6209.31 in November. Platform predicts ETH hitting $7770 in December. If you compare the current prices to $7770, this will be a 66% increase.
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Source: watcher.guru
