Ethereum is a decentralized global software platform built on blockchain technology, designed to enable the creation and execution of smart contracts and decentralized applications (dApps). Its native cryptocurrency, ether (ETH), is widely used not only as a digital asset for transactions but also as “gas” to power operations on the network.
Ethereum (ETH) has once again surpassed the $4,000 milestone, showcasing its resilience amid market fluctuations. On the daily charts, ETH has experienced a slight drop of 3.72%, reflecting short-term volatility. However, its performance over longer time frames paints a more optimistic picture.
Over the past week, ETH has rallied by 4.44%, while the 14-day charts show a more significant growth of 10.1%. Even more impressively, the asset has surged by 24% over the last month and is up 80.01% since December 2023. position as one of the leading players in the cryptocurrency space.
Will Ethereum (ETH) Reclaim Its All-Time High Level?
ETH has faced challenges maintaining the $4000 price level this year. The second-largest cryptocurrency by market cap surpassed $4000 in both March and earlier this month, but each time, it quickly corrected back down.
The latest surge in ETH’s price may be linked to Bitcoin (BTC) reaching a new all-time high of $108,268 on December 17, 2024. As the market leader, BTC often sets the trend for other cryptocurrencies to follow.
With Donald Trump’s inauguration scheduled for Jan. 20, 2025, the financial and crypto markets are bracing for potential changes. Trump has consistently shown a pro-crypto stance during his political career, advocating for blockchain innovation and minimizing regulatory hurdles for digital assets.
This outlook has already fueled a surge in investor optimism, particularly within the cryptocurrency sector. As a result, Ethereum (ETH) is gaining attention, with predictions suggesting it could hit a new all-time high.
Ethereum is currently trading 21.37% below its all-time high of $4,891.70, which it reached in November 2021. This peak occurred during a significant bull run in the cryptocurrency market.
According to our expert’s in-depth analysis, Ethereum (ETH) is expected to continue its upward momentum over the coming months. The analyst predicts that ETH will reclaim its previous peak by the end of January 2025. Furthermore, the expert forecasts that ETH could achieve a new all-time high of $5,000 within the same timeframe. This would represent an estimated 30% increase from its current price levels.
The asset could reach a new all-time high sooner than expected if the market’s upward momentum persists in the coming weeks. Trump’s appointment of a new SEC chair and a White House crypto czar are key developments that could accelerate ETH’s rise to a new peak.
Also Read: Top 3 Cryptos with Huge Growth Potential: Don’t Miss Out!
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
