As a seasoned crypto investor with over five years of experience navigating the volatile and ever-evolving world of digital assets, I must admit that the recent surge in Ethereum (ETH) has piqued my interest. Having witnessed Bitcoin’s (BTC) historic rally and subsequent corrections, I am cautiously optimistic about ETH’s potential to break through the $5,000 barrier.
According to cryptocurrency analysis, Ether (ETH) appears poised for a surge towards $5,000. This is because Ether has been making significant progress in its competition with Bitcoin (BTC), the largest cryptocurrency.
Ethereum “showing up to the party” with trip past $3,800
As an analyst, I’ve observed a substantial increase in the Ethereum (ETH) price on December 4th. According to data from both CryptoMoon Markets Pro and TradingView, the daily gain exceeded 5%.
Ethereum is having its turn in the spotlight as Bitcoin cools its record-breaking rally.
As Bitcoin (BTC) continues trading below the $100,000 threshold, it’s been moving off the focus of many traders due to the anticipated rise of an “altcoin season,” where other digital currencies may gain popularity.
Following snap gains for both XRP (XRP) and TRON (TRX), Ether is now leading the charge.
In one of his recent posts, well-known trader Jelle expressed that Ethereum (ETH) has finally made its appearance at the gathering.
Across different time periods, Jelle pointed out an important reversal point for ETH/USD which is likely to push the price towards the psychologically important $5,000 mark in the near future.
Others who are monitoring the market aren’t just sitting idly by. They’re keeping a close eye on Ethereum, hoping it will mirror Bitcoin’s significant growth. In fact, some of them have set even higher price goals for Ethereum.
Regardless of your perspective, it’s hard to overlook the large cup and handle or consolidation triangle that has been developing for Ethereum since November 2021, with a projected price point of approximately $7,346, as suggested by trader Venturefounder.
“And it could explode upwards like this after $ETH confirms the breakout at >$3,800.”
Michael van de Poppe, who is a trader, analyst, and entrepreneur, pointed out a bullish discrepancy in the Ethereum to Bitcoin (ETH/BTC) Relative Strength Index (RSI) over a three-day period. This means that although the price of ETH/BTC may have shown bearish signs, the momentum indicated by the RSI suggests potential for an increase in the price of ETH relative to BTC.
On that particular day, he shared with his X followers that ETH is demonstrating significant energy as it encounters its initial resistance. He expressed satisfaction about this development and anticipates a surge of immense momentum across the entire Ethereum community.
ETH price strength spills over to BTC pair
Moving forward, Rekt Capital, both trader and analyst, concurred that the change from resistance to support was occurring favorably for the bulls.
The retracement test seems to be unfolding flawlessly. Indeed, the revisit of the trendline functioning as a new foundation seems to be proving effective,” he remarked while providing a supportive graph.
“Continued stability at the ~$3650 region would enable a challenge into $4000 (red).”
Last week, meanwhile, trading firm QCP Capital already saw ETH/USD retesting its current all-time high near $4,900.
In recent market coverage on Telegram, QCP described ETH/BTC as having “held up nicely” after a protracted period of weakness.
ETH/BTC traded at 0.039 at the time of writing, its highest since Nov. 10.
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2024-12-04 20:57