Ethereum, one of the top cryptocurrencies in the market has been creating a huge surge in the market in the past 24 hours. With an overall trading volume of $35.81 billion in the last 24 hours, the coin is in the middle of its bullish rally in the market. As BTC was about to reach $100K, various alty coins were also surging in the market. The Ethereum is one such coin. In this article, we will look into the coin’s surge in the market, the various factors that have contributed to this growth, and also how the coin will fare in the market in the days to come.
Ethereum Current Market Standing
Ranked #2 in the crypto world based on market capitalization, Ethereum is currently one of the most sought-after coins in the market. The coin started its bull run on the 6th of this month amid the US Presidential election and Trump’s victory. At that time, the coin was trading at $2,576.85. Since then, the coin has come so far. Now, it is trading at $3,358.60 with a daily downtrend of 0.80% in the last 24 hours.
During this current run, the coin registered a sudden spike in its value in the last 3 days when its value peaked as high as $3,416.94. This can be heavily attributed to the whale influence and the ETF news circulating about the coin. Currently, the market capitalization of the coin is standing at $403.52 billion registering a trading volume of $35.68 billion in the last 24 hours. With the way the coin is performing in the market, various experts are claiming that its value will climb further in the coming days.
Whale Influence & The ETH Token
The ETH has been on a bull run in the market in the last 2 weeks. However, on the 21st of this month, the coin experienced a significant spike with the coin’s market value increasing by $234.43. This sudden uptrend in the market was due to whale influence. With the BTC dominance still close to 60%, the altcoin season is slowly beginning to come forth.
This has also positively influenced the market sentiment of the ETH token in a positive way. Since the beginning of November, various investors have been purchasing ETH in bulk. The current information suggests that over $1.4 billion worth of ETH was accumulated by whales in the past 7 days.
This has resulted in a considerable pump in the coin’s market value. There is a probability that they are artificially inflating the prices of the coin to sell it at a time when the coin has surpassed a certain value. Or they may be accumulating the coin for the future. It cannot be said with 100% certainty at this point.
Ethereum ETFs & Price Shift
Ethereum ETFs have been one of the key factors that determine the market sentiment of the coin. In the last week, Ethereum ETFs were performing exceptionally well recording a trading volume of $1.63 billion. This represents a 44% increase from the previous week and also depicts the renewed interest in the famous coin.
Various market analysts in the market are suggesting that the spot Ethereum ETFs are recording an increased uptrend reflecting the BTC ETFs. This has resulted in a significant price increase in the case of the coin. As per CryptoQuant, ETH’s open interest across different derivative markets has already reached $13.2 billion, the highest ever recorded.
ETH Price Prediction
Now that we looked into the coin’s current performance in the market and the factors that have significantly influenced this performance, let’s take a sneak peek into its future. For this, we have prepared a price prediction table for the coin. Kindly refer to this table to gain insight into its future performance in the market for the days to come.
| Year | Avg Price |
| 2024 | $ 3,276.56 |
| 2025 | $ 3,440.39 |
| 2026 | $ 3,612.41 |
| 2027 | $ 3,793.03 |
| 2030 | $ 4,390.90 |
While referring to the table keep in mind that the above-given prices are susceptible to changes in market trends and may vary accordingly.
Ethereum $10K Prediction
A popular crypto analyst Ali Martinez has recently predicted an ETH price rally that goes beyond the $10K mark. He made this prediction based on past data regarding the Ethereum market cycle. He also hinted that the cycle hasn’t started yet and advised traders to fill their wallets with ETH before the rally takes off.
This prediction was made following the ETH breaking past the $2,800 resistance level. He believes that the risk-to-reward for Ethereum is too good to ignore. However, the ETH charts are still not showing any signs of this astronomical growth. As of now, we can only wait and see if this prediction will come true in the near future.
Is It a Good Time To Invest In The Ethereum Token?
The overall community sentiment toward the ETH token is indicating a “Bullish” trend. As per the information provided by numerous tier-1 analysts of the markets, the coin is expected to rise by 2.22% and reach a value of $3,371.60 by the middle of the second half of December. The meme coin is currently trading its 17/30 days in the green with a volatility rate of 10.93% based on the past 30 days.
The Ethereum coin’s Fear & Greed Index is currently showing a value of 94 indicating “Extreme Greed” in the market. Based on this forecast, it is the ideal time to invest in the famous cryptocurrency. However, you should also keep in mind the fact that the crypto market is an extremely volatile place where the value of a coin can go down at a moment’s notice. So, it would be better if you conduct thorough research on the trends in the market before proceeding with the investment.