A recent move in the cryptocurrency market toward a recovering route boosted Ethereum (ETH) to new heights, hitting the $1500 threshold. The price of ETH rose sharply when it left the tight trading range that it had been stuck in for weeks since mid-September.
Statistics from CoinMarketCap show that the world’s second-largest cryptocurrency, Ethereum (ETH) increased by 13.83% yesterday before heading back down, but there is still a significant increase. Over the past 24 hours, it has gained around 3%, going up to $1,554.06.
The token’s last significant price spike of over $1,784.50 occurred on September 10th when investors were preparing for the platform’s Merge. After this event, it has been stuck at around the $1,300- $1,200 range.
Nevertheless, Ethereum is currently displaying far higher strength levels, as it’s rallied by around 20.14% in the last seven days. Per Coinmarketcap, the token’s market cap also rises by 2.63% to approximately $190.35 billion over the previous 24 hours.
However, it is difficult to predict where the token’s price will be at the end of the year after falling more than 68% to under $1,500 from a high of over $4,878 in November 2021.
Yet, the forecasted Ethereum price by 2022 is $1,723, with a predicted rise of 13% over time, and by mid-2023, the price will reach $2,498.
Alongside Ethereum, The Crypto Market Is Going Up
There was a significant change in the crypto market yesterday when it moved from being bearish to bullish. Yesterday the market valuation of all cryptocurrencies reached $1 trillion after more than three weeks of being below that level and currently showing an almost 2% increase.
These changes took place due to the overall market circumstances. Like, the Federal Reserve may slow down its pattern of raising interest rates earlier than anticipated, as reported by Reuters.
The crypto and stock markets have exhibited a strong correlation for most of the year. Therefore leading firms’ higher earnings reports from this week may also be taken into account as a crypto market growth driver. Such as, 21% of S&P 500 companies reported that their third-quarter results beat analyst expectations.
However, there are also many other variables influencing the market’s development, like the performance of Bitcoin, which has reached the $20,000 mark, and other altcoins.
The upward trend boosted not only the top two cryptocurrencies but also other well-known ones, such as Dogecoin (DOGE), Cardano (ADA), and Solana (SOL), which have also seen considerable gains.
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