The upcoming elections may open the door to a broader crypto rally, Gemini suggested.
The cryptocurrency market remains highly sensitive to major political events, and all eyes are now on the US midterm elections scheduled for November 3. Some analysts have warned that this vote preceded a significant decline in Bitcoin’s (BTC) price in the past, but it remains to be seen whether history will repeat itself.
Another interesting question is how Ethereum (ETH) might perform after the upcoming elections, and to gauge the potential impact, we asked three of the most popular AI-powered chatbots. Here are the answers.
Serious Volatility Incoming?
According to ChatGPT, ETH is more likely to drop sharply, then recover after the vote. OpenAI’s platform noted that the asset’s price fell after the previous two US midterm elections, but said this occurred during crypto bear markets, and the latter coincided with FTX’s collapse, so it can’t establish a historical pattern.
The chatbot claimed that a Republican win would likely give ETH a more bullish initial reaction, while a Democratic sweep would carry greater short-term downside risk. According to prediction market Kalshi, the Democratic Party has a 67% chance of winning the US Senate at the start of November, while its rivals are estimated at 33%.
Meanwhile, ChatGPT warned that elections are only one of many upcoming factors that could influence ETH’s valuation in the near future, highlighting inflation, interest rates, and institutional demand as even more significant drivers.
Perplexity shared a similar stance. It said the political event could trigger a quick, liquidation-driven move in either direction, especially if ETH is trading near crowded leverage zones.
“Analysts expect midterms to create meaningful volatility across BTC, ETH, and altcoins, but view them as less decisive than monetary policy and growth data,” it added.
Crypto Rally After the Elections?
Google’s Gemini was more optimistic, expecting the US midterms to fuel an immediate ETH price pump and set the stage for a broader bull run across the cryptocurrency market.
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The chatbot forecasted that the price could rise to around $3,200 one month after the election, with a potential move toward $4,000 within 90 days.
“Ethereum is expected to reach a new all-time high of $5,200 to $6,000+ within 12 to 18 months following the election, driven by sustained post-election regulatory clarity, expanding spot ETF inflows, and the broader market expansion cycle,” it concluded.
