Ethereum (ETH) is experiencing a significant price breakthrough. The asset has reclaimed the $4,671.71 level, which was last traded in November 2021. According to CoinGecko's Ethereum statistics, the ETH price has increased by 8.6% on the daily chart, 30.2% on the weekly chart, 22.5% on the 14-day chart, and has risen by 53.7% month-over-month, up 75.4% since August 2024. Ethereum (ETH) is currently down only 4.2% from its all-time high of $4,878.26.
Will Ethereum hit an all-time high this week?
If ETH continues to rise at its current pace, it could reach an all-time high in the next 24 hours. According to CoinCodex ETH analysts, ETH is expected to continue rising in the coming weeks. The platform predicts that on August 28, ETH trading price will reach $5,558.17. If it reaches $5,558.17 from the current price level, it would mean an increase of nearly 19%.
What factors are driving the rise in asset prices?
The recent upward momentum of Ethereum (ETH) is likely driven by the U.S. Consumer Price Index (CPI) data being at 2.7%, lower than the expected 2.8%. The lower CPI data has sparked optimism about a rate cut in September. A rate cut could trigger more investments in risk assets like cryptocurrencies. In this context, ETH and the overall market may continue to rise.
The surge in ETH may be further driven by a massive influx of ETF investments. Recently, over $1 billion has flowed into ETH ETFs, setting a record high since being listed in the United States. If ETF funds continue to pour in, the momentum for ETH may continue.
However, ETH may also face a correction in the coming days. The global economy has yet to recover from the tariff impacts of President Trump. Trade wars and geopolitical tensions may pose obstacles to the cryptocurrency market. The developments remain to be seen.
