Ethereum (ETH) appears to have recovered from its recent drop to sub-$2,400 levels. The asset is up 2.7% on the daily chart, 6.9% on the weekly chart, and over 7% week over week. The price of ETH has also increased by nearly 67% since October 2023. Despite the gains, the second-largest cryptocurrency by market capitalization is down 1.8% on the 14-day chart.
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Factors behind Ethereum’s recent surge and future price predictions
Why is the virtual currency market rising?
The recent decline can be attributed to Bitcoin (BTC) regaining the $65,000 level. BTC's resurgence could be due to investors taking more risks following last month's interest rate cut. Ethereum (ETH) may be benefiting from a shift in investor sentiment.
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Investors may also expect Donald Trump to win the upcoming US presidential election. Many analysts predict that the overall market will rise once President Trump returns to the White House after four years in office.
Could Ethereum reach $2,800 this week?
CoinCodex researchers expect ETH to reach an all-time high of $2,726.13 this week. From current levels, reaching $2,726.13 would represent an increase of approximately 5.15%. The platform expects the asset to break through the $2,800 level before mid-November.
Changelly also does not expect ETH to break through the $2,800 level this week. The platform predicts that ETH will trade at a peak price of $2,653.65 this week. Changelly does not expect ETH to reach $2,800 in November, but expects the highest price for the month to be $2,852.40. From the current price, reaching $2,852.40 would represent an increase of about 10% from current levels.
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Given the market rally, ETH could also reach the $2,800 level sooner than expected. A Trump victory could also push ETH to new yearly highs.
