Ethereum’s price has increased by over 7% within the last 24 hours, breaking above $3350.
Altcoins have seen their prices rise after Bitcoin reached its highest mark ever on Thursday, above $98k.
While ETH’s rally has been a failure in comparison to Bitcoin’s recent surge, market optimism is growing.
The Ethereum network is experiencing a surge in interest around decentralized apps.
The ecosystems that are seeing the most active user participation include gaming, decentralized finance and non-fungible tokens.
Analysts predict ETH to reach $4,000 in the next few months
During the bull market of 2021, Ethereum reached a record high price above $4800.
Bears drove it down to less than $1,000 in January of 2022. A subsequent upward trend from the beginning of 2023 fizzled just above $4k in March 2024.
The surge in ETH to its year-to date highs came at the same time that Bitcoin reached another record high, thanks to the SEC’s approval for the US first Bitcoin ETF.
BTC, however, has exploded into the price discovery market after destroying its previous ATH in response to Donald Trump’s victory on November 5.
Analysts believe the coin will soon surpass the $100k threshold, after touching $98,370 on today.
The altcoins season will determine the next high of Ethereum’s cycle. Analysts are expecting a spike to $4k in the near-term.
Analyst Wolf is bullish about Ethereum’s price and believes that the altcoin has a “catch up setup”. Bulls will see further gains if they can break above the $3.5k mark.
In a few days $ETH’s bull market will be re-started. Here is the setup for catching up.
Rekt capital, a crypto analyst says ETH is starting to emerge from a bull-flag pattern.
Buyers could return to the $3700 level of resistance if the price rises further.
The analyst had earlier expressed his opinion:
The fact that $ETH isn’t yet back to its old All Time Highs shows just how much money flow will be trickling into Altcoins.
$ETH Ethereum has broken out of its Bull Flag. A confirmed breakout would bring ETH back to the $3700 support above#ETH #Crypto #Ethereum
Ethereum Open Interest Metric
Data from Coinglass indicates that open interest in Ethereum is up 13%, to $20.3 billion. It shows that the market is confident in future ETH price.
This is what a 91% rise in volume (currently at $57,8 billion) is largely signalling.
A positive turn for the net flows into ETFs that track ETH could also be important.
BTC has had a positive three-day streak, but the market is experiencing four days in a row of negative trading.
While Bitcoin’s assets have exceeded $100 billion in US-based spot ETFs, ETH has only reached $8.96 billion.
The post Ethereum gains 7.5% to exceed $3.3K: What analysts say may change as new information becomes available
