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11 November 2024
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Ethereum Surges Past $3,100 with Potential to Reach $10,000

Analysts believe that Ethereum may reach a new all-time high by December following its first breakout in three months. This growth is attributed to positive sentiment surrounding cryptocurrencies, influenced by the recent national elections.

Ether Breaks The $3,000 Barrier

Data indicates Ethereum experienced significant price growth, partially due to Donald Trump's victory in the US elections. Analysts noted that Ethereum surpassed the critical $2,000 level, peaking at $3,179.

This price rally suggests Ethereum may gain momentum after a period of stagnation, benefiting investors. Optimism about the Trump administration's potential favorable regulations for cryptocurrencies contributed to this bullish sentiment. Ethereum's price increased by 20% over the past week.

A significant factor in this upward trend is the rise in spot Ether ETF inflows, which reached a weekly high of $85.9 million on November 8, indicating growing investor confidence in Ether's long-term potential.

An All-Time High Is Possible

Market analysts suggest that indicators point toward a potential new all-time high for Ethereum, possibly reaching $3,366 soon. ETH rose by 8% last Thursday, with predictions of a new peak by December driven by increasing demand. One indicator of this growth is the rising open interest in futures contracts.

Reports show that ETH’s futures open interest (OI) surged by approximately 20%, increasing from $13.05 billion to $16.18 billion within two days. OI reflects the total number of outstanding contracts in a derivatives market, and a rise alongside prices indicates new funds entering the market, supporting an upward trend.

If Ethereum's OI continues to increase, it could lead to a substantial price surge, potentially achieving a new record high before year-end.

The $10,000 Projection

Analyst Ali Martinez forecasts that Ethereum may reach $10,000, stating that surpassing the $3,000 level marks the beginning of significant upward movement. He compares Ethereum's trajectory to that of the S&P 500. Geoffrey Kendrick of Standard Chartered concurs, suggesting that clearer crypto regulations anticipated under the new administration could drive this growth.

Featured image from OneSafe, chart from TradingView