Ethereum (ETH) surged above $2,900 this morning, and is currently trading at $2,919, a 24-hour gain of 7.85%, pointing to a $3000 surge soon.
The sudden yet steady spike comes in after hitting $2,388 as the lowest in the past 7 days, however, the current price amounts to a over 15% growth rate. With a 14-day RSI of 41.25, moving averages suggest ‘strong buy’. The market cap, too, has gone up by 5%, at 351.44 billion.
Courtesy: Coinmarketcap
What changed for Ethereum?The past few weeks had not been all rosy for Ethereum, beginning with Co-founder Vitalik Buterin’s Ethereum sales for donations and supporting other projects that sparked negative rumors amongst the crypto community. However, after the rumors settled in, later Solana’s overtake of Ethereum in becoming the fastest growing chain for transactions fuelled by rising memecoins hurt Ethereum’s popularity.
Another setback to Ethereum came in from the constant outflows of Ethereum Exchange Traded Funds (ETF).
However, a bull run for cryptocurrencies post November 05 has kicked in, and ETH becomes the largest benefactor of this new post US Elections crypto cycle. While Bitcoin first hit the $75,000 mark after the Election results started unfolding, Ethereum crossed the $2,500 mark. Additionally, post elections, Ethereum ETF started witnessing huge inflows. As of 6th November, Ethereum witnessed the highest inflow with $52.29M in daily net inflow (total)
Therefore, Ethereum first hitting $2,618.78 on November 6, further triggered speculation that Ethereum can achieve a new high soon. A common, or rather a more popular, projection is that ETH will be above $3,000 by the end of November and closer to $4,000 by the end of 2024.
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