Ethereum стремится к новым вершинам на фоне позитивных прогнозов Translation: Ethereum Aims for New Heights Amid Positive Forecasts

On October 7, the price of the second-largest cryptocurrency approached its historical peak, surpassing the $4800 mark. Michael van de Poppe, the founder of MN Fund, anticipates a new all-time high (ATH) in the near future.

He primarily highlighted the ETH/BTC ratio. According to the expert, the pair has «hit the bottom» at the support level of 0.0256, making it «ready for a new phase of growth.»

Moreover, the upward trend is expected to be supported by gold. The precious metal has previously set a record exceeding $4000 per ounce. Following this, a correction is anticipated, which will «increase demand for riskier assets» like cryptocurrencies.

Other market participants also maintain a positive outlook on the leading altcoin. Analyst Matt Hughes believes the asset is «poised to enter the realm of historical highs.»

*»Ethereum has finally stabilized above $4350. As long as this area remains a support level, new records are within reach. The next target is $5200,»* he stated.

A trader known as Poseidon predicted the cycle’s peak at $8500.

At the time of writing, the second-largest cryptocurrency is trading around $4500, having experienced a 4% drop over the past day.

Ethereum also shows a strong correlation with the Russell 2000 index, which tracks stocks of small-cap companies. Analysts at Milk Road forecast a synchronous rise in assets against the backdrop of an expected decrease in the key interest rate from the Federal Reserve.

*»The correlation appears almost mystical. The Russell 2000 index and Ethereum are effectively moving in sync. Both assets are extremely sensitive to monetary policy. With four consecutive rate cuts on the horizon, growth is expected,»* they noted.

A «Cup and Handle» pattern is forming on the charts—a bullish continuation model that indicates a consolidation period before a breakout.

Market participants estimate the probability of a rate cut from the Federal Reserve in October to be 94.6%.

To recall, amidst the recovery of the M2 money supply, analysts from XWIN Research have suggested a potential rise of Ethereum to $10,000.