#USConsumerConfidence
The price of Ethereum (ETH) has seen a notable 7.51% surge over the past few days, reaching $3,421 on January 24, supported by a wave of market optimism. The move follows a broad-based recovery in the prices of major cryptocurrencies such as Bitcoin (BTC) and XRP, which also saw notable increases.
These gains were further boosted after the US President issued an executive order on January 23, aimed at strengthening US dominance in the digital asset space. The executive order, which reflects the government’s support for cryptocurrencies, helped boost investor confidence and led to massive inflows into Ethereum exchange-traded funds (ETFs), which brought in $396.5 million in just six days.
With these favorable factors, many analysts expect Ethereum to continue its upward trend, with some forecasts suggesting it could reach $7,000 by Q1 2025, given continued government support and the massive growth of the Ethereum network.