BCGAME - Free 5BTC Daily Bonus!The price of Ethereum Today 07/11/2024 is showing a significant increase of 7%, trading around US$ 2.812. The second largest cryptocurrency has been showing significant increases in recent days amid the result of the US election.
The cryptocurrency market has reached impressive highs amid heightened optimism fueled by Donald Trump's victory as US president, which many analysts believe could be beneficial for digital assets.
At its last recorded high on November 7, the asset reached the $2.872 level but failed to sustain the level and retreated to the current zone. At the time of publication, the price of Ethereum is quoted at $2.812,66 with a rise of 6.9% in the last 24 hours.
Will Ethereum Price Rise Further?
Analyzing recent movements on the Ethereum network, market expert Ali Martinez suggested that there could still be more upside ahead for the second-largest cryptocurrency.
“It’s still too early to catch Ethereum’s bull run! Historically, when the $ETH MVRV Momentum crosses its 180-day MA, it signals a period of outperformance for ETH. While prices have recently rallied from $2.400 to $2.800, this crossover has yet to happen — suggesting there could be more upside ahead.” wrote.
In a recent analysis, the expert suggested an impressive price target of $6. “The risk-reward ratio on Ethereum $ETH is too good to pass up on a long position! I have set my stop below $1.880 and am targeting a target of $6.000,” highlighted.
If the target is validated, Ethereum would set a new all-time high in its value. The highest price paid for Ethereum (ETH) was $4.878,26, recorded on November 10, 2021 (almost 3 years ago). Comparatively, the current price is 42,44% lower than the cryptocurrency's all-time high.
