Will Ether Bulls Massive Rally Projection Break $3,500?
Ethereum (ETH) has spiked to double-digit gains in the last seven days, wiping out moments of sideways trading. The surge into the altcoin leader has raised speculations of an incoming rally that could take it to levels not seen in months. This spark in confidence comes as the crypto and financial markets react to Donald Trumps win in the United States elections. The total crypto market cap stands at $2.95 trillion at press time.
Experts Tip Ethereum Rally
For months before the U.S. elections, Ethereum picked up slow gains compared to other crypto. Bitcoin posted huge gains on election sentiment, while Solana showed glimpses of its previous consecutive inflows. The tide might have turned in ETHs favor two days after the election. ETH trades at $3,042, a 5% surge in the last 24 hours and a huge 14% this week.
A rallying factor is the increase in ETH volumes and decentralized finance (DeFi) numbers compared to previous months. This uphill movement is projected to break multiple resistance levels, with some traders suggesting $3,500. While this looks far off, sustained institutional demand could be a turning point for the asset to gain $700 in the coming months.
Crypto enthusiast Benjamin Cowen pointed to the ETH/BTC moving average, indicating a very low point. If the ratio bottoms, traders speculate a surge for that level, increasing buying opportunities. A major taking point for holders is the ETH ETF positions, likening it to Bitcoins momentum in Q1 2024.
Crypto Exec Back ETH Surge
Market stakeholders have projected several highs for Ethereum in the last 24 hours. The institutional inflow recorded has sprung a new pathway for these assets. Crypto executive Dan Tapiero wrote on X (formerly Twitter) that an ETH explosion has been on the cards since recent swings.
Ethereum too cheap. Gonna explode from here. Gensler and Co killed Defi in the US in 22-24. Not killed now. Long Live US Defi. Break of 4k going over 8k in the next year.
Recently, the US Federal Reserve announced a second interest rate cut in four years, and the Bank of England also lowered policy rates, leading to bullish projections. Interest rate cuts are known to attract inflows to the market as funds flow to risky assets. Similarly, Trons Justin Sun tipped accumulating Ethereum amid positive macro factors.
With the improvement in macro crypto policies, we are very optimistic about the market outlook(including ETH). Instead of selling, we believe its an excellent time to continue accumulating and building. Sun noted.
Read more: https://zycrypto.com/will-ether-bulls-massive-rally-projection-break-3500/
Text source: ZyCrypto
