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Following
ETH The Russell 2000 Index, which tracks about 2000 small public companies in the United States and is often considered one of Wall Street's risk-sensitive stock benchmarks, has returned to all-time highs in the past few weeks, exceeding 3050.
According to well-known analyst Crypto Rover, there is a hidden connection between the index and the largest altcoins, which may lead to a sharp rise in Ethereum (ETH).
Ethereum's rally is coming soon?
As this market observer pointed out, the Russell 2000 Index has previously hit similar historical highs in 2016 and 2020, and then Ethereum has experienced a strong rise in 6 to 12 months. Given the risk-appetite nature of the index, its rise usually means that investors have become more willing to switch from large-cap stocks to small-cap stocks, which is often interpreted as a signal that market risk appetite and liquidity conditions are improving.
Crypto Rover points out the connection with Ethereum here: the Russell 2000 Index broke first in the past cycle, and Ethereum subsequently followed up with a significantly larger percentage increase. Analysts at Milk Road have previously described the correlation between the two as almost "bizarre" and pointed out that when monetary policy tends to loosen, both tend to benefit, and recent developments do not fully follow this pattern.
In addition, Ethereum also provides pledged income, and its broader ecosystem is highly dependent on speculation, DeFi, tokenization and other areas that expand in times of risk appetite.
Although the relationship between the two may not seem obvious at first glance, Ash Crypto has recently talked about it and predicted a rise similar to Crypto Rover.
Is now the time to buy ETH?
Ethereum once surged to about $2000 in July, but both attempts failed. Its price has since fallen by about $100 and currently hovers below $1900. However, since a local low of $1520, it is still up more than 20%.
Other analysts are also optimistic about its future price trend, including Michaël van de Poppe. He recently commented that the perfect time to buy assets like ETH will never come, but now is indeed the ideal time to accumulate:
"It's always awkward to establish a position in the market, and that's what markets operate for." In the past, market breakthroughs often brought huge returns, because ETH is known for its volatility. From this perspective, the last time it achieved a 60% breakthrough in less than a week. The same situation happened in 2023." He explained.
