The second-largest cryptocurrency experienced a 12% price surge over the past week, reaching around $4,700. The question now is whether it can continue its positive performance throughout the ongoing month and tap a new record valuation.
The Odds are Looking Good
Many analysts are confident that Ethereum could break past its previous all-time high of almost $5,000 as early as this October. To add an interesting twist to the discussion, we consulted three leading AI-powered chatbots for their forecasts and interpretations.
ChatGPT claimed ETH has a realistic chance to do so. It noted that Grayscale recently launched the first Ether Staking ETP in the United States – a product that allows investors to gain exposure to ETH while also benefiting from staking rewards. The investment vehicle could reignite institutional interest and push the price to fresh peaks.
The chatbot also pointed out that Ethereum often follows the footsteps of Bitcoin (BTC), which reached a new ATH of over $126,000 on October 6. At the same time, though, it warned that ETH must first surpass the heavy resistance at $4,800.
Grok, the chatbot built into the social media platform X, shared a similar estimation. It claimed that ETH has a strong chance of reaching $5,000-$5,500 by mid-month, driven by historical seasonality, strong inflows into spot ETFs, and other factors.
“Crypto’s volatile—position sizing and stops are key. If you’re bullish, dips to $4,375 are buy zones; if cautious, watch $4,450 support,” it added.
Perplexity estimated that the odds of ETH surging to a new record sometime this month are around 70%. Moreover, it predicted that the price might explode to $7,500 if positive market momentum persists. Those willing to explore additional elements hinting that Ethereum could be on the verge of a massive rally, please take a look at our dedicated article here.
$10K Incoming?
Earlier today (October 7), Crypto Rover forecasted that ETH could soon skyrocket to $10,000. The X user, who has more than 1.3 million followers, based his prediction on the potential lowering of the interest rates in the United States.
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The Federal Reserve will hold its next FOMC meeting on October 29, and according to Polymarket, there is a 90% probability of a 0.25% cut to the benchmark rate. Such a development makes borrowing money cheaper, and many experts believe it could increase interest in risk-on assets, such as cryptocurrencies.
