Ethereum’s price has been on the rise, with a gain of nearly 6% over the past 24 hours. It also gained 9.1% during the week and 11,8% when looking at the charts for the next 14 days. according to CoinGecko’s ETH data. ETH is down 8.6% over the past month, and 10.9% from December 2024. Discuss why Ethereum has experienced a recent rally and if the price of ETH will rise further.
Why is Ethereum’s price rally?
The latest surge in the price of Ethereum (ETH) coincides with increased whale purchasing. Santiment data shows that whales and sharks bought nearly 934,240 ETH worth approximately $3.15 billion in the past three weeks. Retail investors also sold some 1014 ETH.
Ethereum (ETH)’s rally may also be due to the expectation of another rate cut following Wednesday’s Federal Open Market Committee meeting (FOMC). The Federal Reserve is likely to announce another interest rate reduction of 25 basis points. If rates continue to be reduced, the cryptocurrency market may experience another bullish run.
Many financial institutions predict that Bitcoin (BTC), will reach a record high by 2026. Grayscale and Bernstein claim BTC could be changing its cycle. BTC is expected to reach a record high in 2019. Both Grayscale and Bernstein predict this. Bernstein predicts that BTC will surpass the $150k mark by 2026, and $200k mark by 2027. Ethereum (ETH), could be responding to the bullish outlook of Bitcoin (BTC). BTC reaching a new high will trigger a rally across the market.
You may also like: Not $5K or $8K, Fundstrat Lee Predicts Ethereum Price Hitting $62K
The cryptocurrency market may be subject to new volatility. Risk-averse investors may be prompted to take a cautious approach by macroeconomic uncertainties or slow economic growth. A scenario like this could cause Ethereum (ETH), to lose steam, and face a correction. It remains to be seen how the market will turn out.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
