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Ethereum (ETH) has gone up by nearly 8% in the past 7 days and has now delivered year-to-date gains of 21.1% as altcoin season has kicked off.
Last week, the Chairman of the Federal Reserve, Jerome Powell, confirmed that the central bank could be ready to lower rates for the first time in 2025 as economic growth in the U.S. has been strong despite the latest aggressive policies adopted by the Trump administration.
Analysts agree that a 25 basis point cut will be implemented during the next FOMC meeting scheduled to take place on September 17.
This is good news for cryptocurrencies and could be the catalyst that altcoins need to reach new heights.
ETH already made a new all-time high on August 24 at $4,953 while BNB Coin (BNB) also set a new price record at $900. Solana (SOL) and XRP (XRP) could be next in line to make it to higher ground to fully kick off altcoin season.
Data from Farside Investors shows that ETH-linked exchange-traded funds (ETFs) have attracted $1.2 billion in capital inflows in the past 3 days as investors seem to have bought the latest dip.
Meanwhile, on August 22, data from The Block shows that assets under management (AUM) held in ETH ETFs reached a new record at $27 billion as the price rose to $4,889.
Investors seem to be confident that ETH has a bright future ahead as indicated by this continued wave of inflows even as the token has reached new heights.
Ethereum Price Prediction: ETH Eyes $7,000 as Market Respects Upward Price Channel
Trading volumes for ETH have been quite high lately at nearly $40 billion, accounting for 7% of the token’s circulating supply in USD.
All of this favors a bullish Ethereum price prediction and could set off the next leg up for ETH that could push it to $6,000 first and then $7,000.
The daily chart shows that ETH has broken above and retested a key threshold at $4,100 and seems on track to make it to higher highs.
A tight price channel has formed as a result of the latest price action. This uptrend favors a bullish Ethereum price prediction to $7,000 in the mid-term, especially as the price has bounced off its trend line support for a sixth time.
The Relative Strength Index (RSI) has been making lower highs along the way. This is known as a bearish divergence and could indicate that the price will soon hit a local top – possibly once it gets to $6,000 or $7,000.
However, predicting the top is quite difficult and closing long positions at a point when altcoins are receiving big price boosts seems to be just getting started does not sound like a good idea.
As altcoin season keeps unfolding, the best crypto presales like Maxi Doge (MAXI) keep raising millions from investors and could offer the highest upside potential.
Maxi Doge ($MAXI) Raises Nearly $2M to Make the Most Out of This Cycle
Maxi Doge ($MAXI) is a dog-themed meme coin inspired by the top token in this category – Dogecoin ($DOGE) – but fully embracing the hype that comes with a bull market like this.
Through the Maxi Fund, this project will allocate up to 25% of the proceeds raised through the presale to invest in the most promising tokens out there with 1000X leverage.
Maxi Doge will make it and so will those who invest in this meme coin. This Shiba Inu knows no red candle. This is a ‘green only’ market and nothing can stop it. Powell is on his side, ETH is going to the moon, and $MAXI will ride the pump all the way.
To buy $MAXI, simply head to the official Maxi Doge website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to invest.