Ethereum Breaking $3,100 Is ‘Just The Beginning’ In Quest To $10K: Analyst

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As a seasoned researcher with over a decade of experience in the financial markets, I have witnessed numerous bull and bear runs, yet none quite like this surge in Ethereum. The crypto market has always been unpredictable, but the recent developments surrounding ETH are truly remarkable.

Experts predict that Ethereum could hit a record peak by December, as it successfully broke through a barrier it hadn’t surpassed in over three months.

The surge in its growth may be due to the increasing positive outlook towards cryptocurrencies, which has been stimulated by the outcomes of the recent national elections.

Ether Breaks The $3,000 Barrier

The data indicates that Ethereum underwent a substantial increase in value, which some experts attribute to the success of Donald Trump in the U.S. elections.

Experts noted that the second-largest cryptocurrency by market value successfully surpassed the “significant” threshold of $2,000, reaching a high of $3,179 during the afternoon hours on Sunday.

The surge in Ethereum’s price suggests that the digital currency may regain speed following a phase of sluggishness, potentially paving the way for its revival. This development brings optimism to Ethereum investors.

Numerous experts speculate that the expansion in the cryptocurrency market might be linked to the upcoming Trump administration. Previously, during his campaign, Trump indicated a potential inclination towards lenient regulations concerning cryptocurrencies. Consequently, his election win has sparked widespread optimism about the future of digital currencies under his leadership.

“Ethereum, one of the digital currencies, has experienced a 20% increase in value over the past week due to widespread optimism.

Analysts additionally point out that another key factor driving the bullish trend is a substantial rise in investments into spot Ether Exchange Traded Funds (ETFs). On November 8th, data revealed that these inflows peaked at $85.9 million for the week, suggesting that investors are growing increasingly optimistic about Ether’s long-term prospects.

An All-Time High Is Possible

Market analysts suggested that Ethereum might be on the verge of hitting a fresh record high, potentially climbing up to $3,366 in the near future. They also noted a significant 8% rise in Ethereum’s value on last Thursday.

Experts anticipate that the cryptocurrency might reach a fresh record peak by December, driven by increasing interest in the leading alternative coin. One factor pointing to this growth is the escalating open interest surrounding the coin.

#Ethereum $ETH at $3,000 today is just the beginning!

— Ali (@ali_charts) November 9, 2024

The latest reports show an impressive surge of around 20% in ETH’s futures open interest (OI). This rise took the figure up to approximately $16.18 billion, as compared to its previous level of $13.05 billion over the past two days.

Analysts stated that ‘OI’ stands for the overall count of active derivative contracts available in the market. They further noted that when OI increases simultaneously with prices, it indicates fresh investments are pouring into the market, thereby reinforcing a rising trend.

If Ethereum’s Open Interest (OI) continues increasing, it could potentially trigger a significant rise in its price, possibly pushing the cryptocurrency towards a fresh all-time high by the end of this year.

The $10,000 Projection

According to analyst Ali Martinez, it’s plausible that the price of Ethereum might soar up to $10,000. He believes that breaking through the $3,000 barrier is merely the beginning of a potential increase in its value.

Martinez stated that Ethereum (ETH) seems to be heading towards the $10,000 mark, using the S&P 500 as a point of comparison.

According to Geoffrey Kendrick from Standard Chartered, it’s likely that the price of ETH will reach that point fairly quickly.

Kendrick pointed out that the expectation of more definite cryptocurrency rules from the incoming administration, along with the general perception of the government as being supportive towards cryptos, might trigger such substantial expansion in the sector.

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2024-11-11 00:41