As a seasoned researcher and analyst with over two decades of experience in the financial markets, I find the current trend of Ethereum (ETH) highly intriguing. The parallels between ETH’s recent breakout and XRP‘s explosive rally last November are undeniable, and if history repeats itself, we could be looking at a potential price surge for Ether.
The original token of Ethereum, Ether (ETH), seems to be following the price surge pattern similar to XRP, which experienced a significant increase of over 390% during its November breakout.
XRP fractal could push ETH price toward $7,600
Back in November, the digital asset XRP burst free from a symmetrical triangle structure that had been taking shape for approximately six years. This breakout sparked an impressive surge, propelling the value of XRP from roughly $0.50 to more than $2.94 in a parabolic upward trend.
On December 7, the $2.94 point corresponded with XRP’s 1.618 Fibonacci retracement level, acting as a barrier that prevented further price increase.
It seems that Ethereum is exhibiting a trend reminiscent of XRP’s, as it recently surpassed the upper boundary of a three-year-old symmetrical triangle it was previously contained within during the week ending Dec. 8.
As I delve into my analysis as a researcher, if Ethereum’s price trajectory mirrors XRP’s parabolic trend, it seems plausible that it could surge towards the 1.618 Fibonacci retracement level, approximately $7,636. Essentially, this suggests a potential 90% increase by December 2024 or January 2025.
Ether’s Weekly Relative Strength Index (RSI), approximately at 67, implies there’s potential for more growth before hitting the overbought mark of 70. This level is similar to what we saw prior to XRP’s significant price surge.
ETH will reach $15,000 by May 2025
According to market analyst “VentureFounder”, there’s a strong possibility that Ethereum will experience a significant surge or jump in the upcoming months, referred to as a “breakout.
The analyst observed striking parallels between Ethereum’s present situation and its 2016-2017 phase, suggesting a potential reoccurrence of the dramatic surge that took ETH to unprecedented peaks during that timeframe.
According to VentureFounder’s prediction, the price of ETH could reach an astounding $15,937 by May 2025, a figure that, if achieved, would elevate Ethereum’s market cap over the trillion-dollar mark for the very first time in history.
To have a bullish outcome unfold, the analyst underlined the necessity for Ethereum to sustain its weekly support at around $3,800. Maintaining this level would boost the chances of approaching its record high of $4,878 again in the near future, with additional upward momentum expected afterward.
The optimistic views on Ether are emerging as more funds flow into U.S.-based Ethereum exchange-traded funds (ETFs), signifying a significant change from the continuous outflows that were seen during their early introduction period.
On December 6th, these investment funds were managing around $1.42 billion in Ether, marking a substantial rise from $123 million just nine days earlier on November 22nd. It’s worth noting that these funds have experienced continuous influxes of funds during this timeframe, excluding the Thanksgiving break.
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2024-12-07 17:16