TL;DR
- Ethereum (ETH) has pumped in the past 24 hours, with analysts predicting potential price targets of $4,000, $5,000, or even $10,000-$20,000 if it breaks key resistance levels.
- Its recent rally has likely been fueled by the broader crypto market surge, increased holdings by World Liberty Financial, and Trump’s executive order to explore the establishment of a “National Digital Asset Stockpile.”
ETH Has Finally Flexed Muscles
Ethereum (ETH) remains the second-largest cryptocurrency in terms of market capitalization, but throughout this bull cycle, it has failed (so far) to impress the community. And while Bitcoin (BTC), Solana (SOL), and many more have recently reached record price peaks, ETH is still in red territory on a monthly scale.
However, the asset witnessed a substantial resurgence in the past 24 hours, and some industry participants took this as a sign that a major rally could be just around the corner. According to CoinGecko’s data, ETH currently trades at approximately $3,400, representing a 6% increase on a daily scale.
One of the optimists is the X user CRYPTOWZRD. The analyst believes a breakout above the $3,550 resistance level could push ETH to $4,000 and beyond.
According to Cold Blooded Shiller, the cryptocurrency is attempting to “form a new trend from here,” envisioning a potential spike to a new all-time high of $5,000 by March this year.
CrediBULL Crypto outlined even more bullish forecasts. The former cited ETH’s HTF PA (High Time Frame Price Action) to assume that the asset could be poised for a major comeback in the near future.
“ETH is going to come back with a vengeance in the coming months, and ironically enough, it seems it’s going to leave some of its strongest supporters behind. 10k is a bare minimum once we break out, imo, and I think 20k is certainly not unreasonable by the end of the cycle.”
Why is ETH Pumping?
One obvious factor that has potentially contributed to the asset’s positive performance in the last 24 hours is the overall resurgence of the crypto sector. Bitcoin (BTC) and many of its leaders are all in the green today (January 24), while the industry’s global market capitalization has soared to almost $3.8 trillion.
Another reason could be World Liberty Financial’s decision to increase its holdings. Most recently, the DeFi platform, which has ties to US President Donald Trump and his family, purchased 3,079 ETH. Its total Ethereum possessions reached 74,228 tokens (valued at over $250 million at current rates).
Last but not least, we should mention that Trump signed an executive order to review the creation of a “National Digital Asset Stockpile.” Initially, he intended to establish a strategic Bitcoin (BTC) reserve in the US, but the initiative’s scope seems to have expanded to other cryptocurrencies, too.
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