Ethereum (ETH) has faced challenges in building upward momentum, even after the U.S. Securities and Exchange Commission (SEC) approved Ethereum exchange-traded funds (ETFs) last year.
Despite the approval, ETH has failed to capture significant investor interest or see a major price surge. In contrast, Bitcoin (BTC) experienced a remarkable rally, reaching a new all-time high following the launch of its own ETFs in the U.S.
According to CoinMarketCap, Ethereum (ETH) is currently trading at $3,256. Over the last 24 hours, ETH has declined by 0.67%, on the weekly chart, it has dropped further by 11.29%, over 14 days, Ethereum has fallen 3.6%, and its monthly performance shows a more significant decline of 16.59%.
Despite these recent losses, Ethereum has demonstrated resilience when looking at the bigger picture, maintaining a notable yearly gain of 28.01% since January 2024.
Will Ethereum Reach a New All-Time High?
The cryptocurrency market could see another bullish surge by the end of this month. US President-elect Donald Trump, set to be inaugurated on January 20, 2025, has a pro-crypto stance that might spark a market-wide rally. Ethereum (ETH) may soon reach a new yearly high. The market’s performance in the coming days remains uncertain.
There is also a possibility that Ethereum (ETH) will not experience a significant breakout following Trump’s inauguration. Additionally, the economic conditions in the United States, such as inflation rates and employment figures, might delay any anticipated interest rate cuts by the Federal Reserve. This delay could lead to a stronger U.S. dollar, making riskier assets like cryptocurrencies less appealing to investors.
Ethereum (ETH) is currently down by 33.6% from its all-time high of $4,891.70, which it reached in November 2021. Moreover, as per our expert’s analysis, ETH is trading within an ascending parallel channel. The analyst believes that if ETH reaches the $2800 level, it could potentially surge to $6000, marking a new all-time high. This would represent a rally of approximately 83.6% from its current price.
Also Read: This $0.0001 Meme Coin Aims to Turn $100 Into $250,000 by Spring 2025 – Next Shiba Inu?
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.
