Since the Fed may stop raising interest rates in December, the prices of assets like Ether are showing signs of recovery. Michaël van de Poppe believes the price of ETH might exceed the USD 1,225 level, triggering a rebound toward USD 1,550.
Over the last week, Ether (ETH) and other crypto assets have gained momentum, preparing for a bullish rally in the coming days. Although the price of ETH remains below USD 1,300, it might rise to USD 1,350 and USD 1,550.
After the collapse of FTX, there has been Fear, Uncertainty, and Doubt (FUD) in the crypto market over the last few weeks. As the price of assets plummets, investors hesitate about buying or selling. According to recent reports, Ether lost almost 39% of its value in a couple of weeks.
The crypto market has anticipated that the US Federal Reserve (Fed) will stop raising interest rates in December. As that expectation seems to be coming true, some assets show signs of recovery. However, the price of Bitcoin (BTC) continues falling due to miner capitulation as Ether rises.
Factors Indicating the Ether Price Could See a Massive Rise
According to Coinglass, Ether futures open interest on Binance has reached an all-time high of 2.01 million. That is equivalent to a 9% increase over the last 24 hours, indicating that ETH might rise in the coming weeks.
Glassnode revealed that the total value of the Ether 2.0 deposit contract reached an all-time high of 15,492,407 ETH. In addition, the revenue of Ethereum validators hit a 1-month high of 11.31%.
Michaël van de Poppe, the CEO, and founder of Eight Global believes Ether shows its strength by rising above USD 1,150. The analyst predicts that the price might exceed the USD 1,225 level, triggering a rebound toward USD 1,350 or USD 1,550.
If the price of Ether remains above the USD 1,200 support level, traders might hold on to their coins. According to experts, the increase in the value of ETH will influence other altcoins.
The Behavior of the Price of Ether over the Last Month
Although many investors expected the price of Ether to rise after the Merge, it failed to recover the USD 1,700 level. Besides, the macroeconomic situation caused the crypto asset to drop below USD 1,500.
Amid the accumulation by the whales, the value of Ether fell from USD 1,661 to USD 1,081 in a month. Those long-term holders saw that drop as an opportunity to buy more ETH, which usually occurs before a bullish rally. However, it did not seem like that for the second-largest cryptocurrency, whose price dipped to USD 1,081.
The situation has changed as Ether seems to have gained bullish momentum, rising toward USD 1,350. While it is trading at around USD 1,283, its daily trading volume is above USD 6.20 billion.
Since the price of Ether is above the crucial support level of USD 1,225, there may be a further rally. The price rose by almost 2% over the last 24 hours and 8% over the past week.
By Alexander Salazar
