The cryptocurrency market seems to be rebounding from its recent slump. Bitcoin (BTC) has reclaimed the $109,000 mark and is inching closer to hitting $110,000 once again. BTC hitting $110,000 could lead to another market-wide rally. Ethereum (ETH) seems to be following BTC’s trajectory as well. ETH’s price has risen 7.5% in the daily charts, 2.5% in the weekly charts, 2.9% in the 14-day charts, and 6.2% over the previous month. Despite the turnaround, ETH’s price has fallen 26.7% since June 2024.

Cryptocurrencies Recover Amid Institutional Inflows

The latest crypto market rebound comes after increased institutional investments. According to Farside Investors’ data, BlackRock purchased $120 million worth of BTC for its IBIT spot Bitcoin ETF. The world’s largest asset manager had recently sold some of its BTC holdings to buy Ethereum (ETH).

ETH’s rally could be due to increased investor sentiment. President Trump has been calling for an interest rate cut. Market participants also anticipate the Federal Reserve to cut interest rates soon. A rate cut could lead to a surge in risky investments. ETH and other crypto assets could experience a rally under such circumstances.

Will Ethereum Reclaim $3000 Next?

According to the analysts at CoinCodex, ETH will continue to rally over the coming days. The platform anticipates the asset to breach the $3000 mark on June 21. CoinCodex does not anticipate ETH’s rally to stop at the $3000 mark. The platform predicts ETH will trade at $4445.39 on Aug. 26. ETH has not traded above the $4000 mark since December 2024. The asset’s price will rally by 65.97% if it hits the $4445.39 target.

Also Read: JPMorgan Issues Stark Bearish Warning on Ethereum’s (ETH) Future

There is also a possibility that Ethereum (ETH) will not rally as predicted by CoinCodex. The market could face further volatility if market conditions deteriorate.