Ethereum (ETH) has faced several ups and downs in 2024. The asset did not gain much traction for most of the year, even after the launch of spot ETH ETFs. ETH started to rally after Donald Trump emerged victorious in the US Presidential election in November 2024.
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Ethereum’s Latest Price Movements
ETH has faced quite a correction over the last few weeks. The asset breached the $4000 mark earlier this month but has fallen below $3400. ETH’s price is down 1.9% in the daily charts, 2.1% in the weekly charts, 16.7% in the 14-day charts, and 9.6% over the previous month. Despite the dip, ETH has gained 46.2% since late December 2023.
Why Is The Market Down?
ETH’s current dip is likely due to Bitcoin (BTC) falling below $93,000. BTC’s descent has had negative repercussions for the entire market.
On the other hand, BTC’s dip is likely due to the Federal Reserve taking a hawkish stance on its monetary policy. Inflation in the US increased to 2.7%. The increase led the Fed to announce only two interest rate cuts in 2025 instead of three.
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Can ETH Hit $5000 In 2025?
Hitting $5000 will be a new all-time high for ETH. The asset has to rally by nearly 50% to hit the $5000 mark.
According to Telegaon, ETH will hit a maximum price of $6589.17 in 2025. Hitting $6589.17 from current price levels will translate to a rally of about 97.36%.
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Changelly analysts are even more bullish on Ethereum (ETH). The platform anticipates the asset to hit a maximum price of $7194.28 in 2025. Hitting $7194.28 from current price levels will entail a rally of about 115.48%.
