As a seasoned analyst with over two decades of experience in the financial markets, I must say that the current trend of Ethereum (ETH) is reminiscent of the dot-com boom of the late 90s. The slow and steady rise, followed by a flash spike down, and now a steady climb back above $4,000 is a pattern I’ve seen before in other successful technologies.
Over the last three weeks, Ethereum’s primary currency, Ether (ETH), has experienced a gradual upward trend, gaining approximately 28% since November 18. A sudden dip to $3,615 occurred on December 5, but Ether quickly rebounded and is now being traded above the $4,000 mark.
The annual peak stays at $4,098, and the pattern suggests a rising trend with successive peaks and troughs, seen on the 4-hour graph. Additionally, the Relative Strength Index (RSI) indicates good health, as it currently falls below the overbought zone.
Ethereum hints “paradigm shift” above $4,000
As Ethereum nears the $4,000 mark, an unidentified venture founder and crypto analyst has expressed optimistic predictions for its value by 2025. The analyst suggests that Ethereum is gathering strength within a three-year uptrend channel, indicating it may soon undergo a significant “phase transition” or “breakthrough.
The trader said,
“Ethereum likely to repeat this impulsive breakout it did after between 2016-2017 to shoot to new ATH. Price Target: $15,937 by May 2025”.
If the value of each Ethereum (ETH) were to reach around $16,000, it would mark the first instance in history that Ethereum’s overall market capitalization surpassed the one trillion dollar mark.
Instead, the analyst pointed out that for Ether to maintain a bullish outlook, it needs to finish the weekly chart at $3,800 as a key support level. This could boost the chances of ETH challenging its all-time high of $4,878 again, or even reaching its immediate price objective.
Just like Honey, an autonomous cryptocurrency investor, pointed out, Ether’s “golden cross” on the daily chart appears to be bursting through, following trends seen in past bull markets. This trader believes that Ethereum is just starting a massive price surge, or “giga pump”, which could propel this digital asset to unprecedented new record highs.
Ethereum spot ETFs sustain positive momentum
2024 saw the BTC ETF outperforming other investments, but by the end of the year, interest in spot ETH ETFs among institutions started to grow. According to CryptoMoon, this surge was significant enough to set a new record for the altcoin’s financial instrument, with an inflow of $428.5 million in a single day since its debut.
As an analyst, I’ve observed a significant surge in investments towards Ether Exchange Traded Funds (ETFs) since November 18th. The iShares Ethereum Trust, spearheaded by BlackRock, has been the primary driver of this trend, attracting over $500 million this week alone. This brings their total inflows to a staggering $2.6 billion.
Additionally, alongside favorable investment trends and bullish market signals, the performance indicators within Ethereum’s DeFi sector are also on the rise. As per DefiLlama’s data, the total value locked on Ethereum’s blockchain hit a record high of $77 billion on December 5th this year.
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2024-12-07 01:22