Tanju Akbıyık 
The Ethereum (ETH) price reversed a months-long downtrend to break through the $3,000 level this morning and is poised to record its strongest weekly performance since May. Bitcoin (BTC) set a new all-time high (ATH) above $75,000, while Ethereum is still trading well below that level.
Ethereum Above $3,000 Amid Positive Sentiment in the Crypto Market!
Developments such as the election of Donald Trump as president in the US presidential election and the Fed’s interest rate cuts continue to support the rise in cryptocurrency markets. Bitcoin (BTC) reached an all-time high, while the price of Ethereum (ETH) surged 23.39%, its biggest weekly gain since May. BTC rose by 11.2% in the same period. Total crypto market capitalization rose 13.5% to $2.5 trillion.
>On Thursday, the Fed cut its interest rate by 25 basis points to a range of 4.5% to 4.75%, another step following its 50 basis point cut in September. This rate cut helped support Ethereum prices by narrowing the Fed-Ether yield spread in favor of ETH. The pricing of Ether options listed on Deribit also suggests that the Ethereum rally could continue.
Demand for spot Ethereum exchange-traded funds (ETFs) is also on the rise. On Friday, BlackRock’s iShares Ethereum Trust ETF (ETHA) hit a three-month high with inflows of nearly $60 million. ETH, which has yet to reach its 2021 peak of $4,868, continues to trade well away from Bitcoin’s record high above $75,000.