While everybody is celebrating Bitcoin’s $100,000 mark, the second biggest cryptocurrency, Ethereum (ETH)’s $4000 mark is still awaited. However, it will not take so long to reach there, according to some crypto analysts.
According to TrendSpider, “Ethereum is quietly breaking above a key trendline resistance from all-time highs.”
While everyone is focused on $BTC $100K…
Ethereum is quietly breaking above a key trendline resistance from all-time highs. 🤫 $ETH pic.twitter.com/jGmsvSqyXj
— TrendSpider (@TrendSpider) December 5, 2024
Ethereum Prepares for Intense Bullish Momentum
ETH is on the verge of breaking out of a three-year triangle consolidation pattern, with $ETH expected to surpass the range it has been stuck in for the past seven years. Experts predict that the cryptocurrency could mimic the explosive breakout it experienced between 2016 and 2017, which can take it to new all-time highs. The price target is set between $10,000 and $15,937 by May 2025.
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Growing institutional investment has sparked a rally in the altcoin. In November, spot Ethereum exchange-traded funds (ETFs) saw a remarkable addition of 362,474 ETH tokens, valued at approximately $1.42 billion. This reflects a 4,363% increase compared to the previous month when only 8,121 ETH were added.
Market experts believe ETH’s support level is at $3,300, making it a favorable entry point for investors due to its balanced risk and return. Analysts have set a mid-term price target of $6,000 if Ethereum’s upward momentum continues, with some predicting a long-term price of $10,000.
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Also Read: After BTC’s 100K Bash, Is Dogecoins $1 Celebration Next?
