The current sentiments around Ethereum are overwhelmingly bullish, as the second-largest cryptocurrency by market capitalization has witnessed a surge in dominance against Bitcoin. This rise in Ethereum’s prominence is crucial, as it is believed by crypto analyst Jaydee that it could potentially usher in the much-awaited altcoin season. With the market heating up, analysts are now speculating about Ethereum’s future price movements and potential targets.
Ethereum’s Breakout: Ascending Triangle on the Weekly Chart
According to prominent crypto analyst Ali Martinez, Ethereum has recently broken out from an ascending triangle on the weekly chart. This technical pattern suggests a potential price continuation to the upside. Despite short-term volatility, Martinez believes that Ethereum has set its sights on the $3,400 price level. This viewpoint is shared by fellow analyst Mayne, who also predicts that $3,400 remains a viable target for Ethereum’s price surge. Interestingly, Mayne hints at the possibility of “ETH betas” running alongside Ethereum during this significant price movement. These “ETH betas” include tokens such as the native tokens of Ethereum’s layer-2 networks Optimism and Arbitrum.
Money Flowing from Bitcoin to Ethereum: A Bullish Indicator
Crypto analyst Ash Crypto reinforces the bullish sentiment by pointing out the current flow of money from Bitcoin to Ethereum. This trend suggests that Ethereum’s price could soon trade above $3,200. The consensus among analysts is that Ethereum trading above the $3,000 price level is an imminent possibility.
Multiple analysts have offered their predictions for Ethereum’s price trajectory. Michaël van de Poppe, the CEO and founder of MN Trading, previously suggested that Ethereum would surpass $3,000 on its way to $3,500. Poppe boldly claimed that this prediction would materialize in the first quarter of 2024. Moreover, crypto analyst ColdBloodedShill states that as long as Ethereum remains above the $2,400 support level, it is likely planning for higher prices. This sentiment is echoed by crypto analyst Bluntz Capital, who highlights the $2,495 price range as a crucial support level for Ethereum’s breakout.
Growing Ethereum Network: New Addresses and Decreased Supply on Exchanges
Market intelligence platform Santiment reveals that the number of new Ethereum addresses is growing steadily, indicating increased adoption and interest in the Ethereum ecosystem. During this recent stretch, 89.4 thousand addresses have been created daily, surpassing the figure of 70.4 addresses created daily in early November of last year. Additionally, Santiment highlights Ethereum’s supply on exchanges, which has significantly reduced to 8.10%. This near-term low is a strong indicator that ETH holders are moving their holdings to self-custody, suggesting a long-term investment approach.
It is important to note that the article’s content is provided solely for educational purposes and does not represent the opinions of NewsBTC. Any investments or investment decisions should be thoroughly researched and carefully considered. Investing in cryptocurrencies carries inherent risks, and individuals are advised to exercise caution and make informed choices. The information provided in this article should be used at the reader’s own discretion and risk.
The Ethereum ecosystem is currently experiencing a surge in bullish sentiment, with Ethereum’s dominance rising against Bitcoin and predictions of a potential altcoin season on the horizon. Analysts are optimistic about Ethereum’s price trajectory, with $3,400 being a widely anticipated target. Furthermore, the growing number of new Ethereum addresses and a decrease in supply on exchanges indicate a strengthening network and long-term investment approach by ETH holders. As with any investment, it is crucial for individuals to conduct their own research and exercise caution.
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