Ethereum’s Price Surge

Recently, Ethereum, the second-largest cryptocurrency, has seen a 12% increase, hitting around $4,700. As October progresses, many are speculating whether it can break its previous all-time high of almost $5,000 this month.

Is a Record Price Possible?

Analysts suggest that Ethereum might surpass its old highs, and we consulted three AI-powered chatbots for their insights on this potential rally.

According to ChatGPT, there’s a feasible chance for ETH’s price to rise, especially with Grayscale’s launch of the first Ether Staking ETP in the U.S., allowing investors to benefit from staking. This could reignite institutional interest and elevate prices further. It also noted that Ethereum tends to follow Bitcoin’s trends, which recently reached a new all-time high of over $126,000 on October 6. However, it must overcome the significant resistance at $4,800.

Grok, another chatbot, echoed this sentiment, projecting that ETH could reach between $5,000 and $5,500 mid-month due to factors like historical pricing patterns and robust ETF inflows.

“The volatile nature of crypto means careful positioning is essential. If you’re optimistic, a drop to $4,375 could be an invitation to buy. However, cautious investors should monitor support at $4,450.”

Perplexity is estimating a 70% likelihood of ETH hitting new highs this month and predicts that with favorable market conditions, the price could even soar to $7,500. For further reading on Ethereum’s potential surge, view our detailed analysis here.

Predictions of $10,000

Interesting forecasts are coming in, such as Crypto Rover’s recent prediction that ETH might reach $10,000 soon, driven by anticipated reductions in U.S. interest rates.

The Federal Reserve is expected to announce its next rate decision on October 29, with a 90% likelihood of a 0.25% rate cut. This change could encourage investments in riskier assets like cryptocurrencies.