Ethereum price has been on an upward trend, hitting a five-month high and crossing the $3,600 mark. The cryptocurrency is on the rebound after an extended period of trading sideways, making $4,000 the next key level of resistance.
Moreover, Ethereum’s upward price action is attributed to a breakout from a rounding bottom formation which signified a shift from a bearish trend. The breakout above $3,550 signaled the end of the reversal pattern that cleared the way toward further gains.
Currently hovering close to $3,588, ETH price has pulled back but has continued to rally by 3% in the last 24 hours.
Analyst Predicts Ethereum Price to Reach $6,000 and $10,000
Crypto analyst Ali Martinez has outlined a mid-term price target of $6,000 for Ethereum, based on a rising channel pattern observed on the weekly chart.
The long-term projection suggests a potential surge to $10,000 if the cryptocurrency continues its current trajectory. The analysis indicates that Ethereum has reached the channel’s midline. This is a pivotal level for further upward movement.
Martinez also pointed out the levels at $3,300 and $3,000 as the key levels to hold. A move past the initial barrier at $4,091 may indicate the start of the next upswing of the bull market. The golden crossover of the 100-day and 200-day EMAs also favors the bulls for Ethereum.
Whale Activity Drives Market Optimism
Also, the ETH holders with a balance of 1000 ETH or more have been on an accumulation spree over the last three months, which has boosted the market sentiment. Whale inflows have increased by 14.63% in the past week, 44.80% in the past month, and an impressive 126.85% in the past three months according to the data.
This accumulation led to a decrease in the circulating supply, therefore a scarcity effect which is a precursor to a huge price increase.
In the most recent whale activity, Whale Alert service noted that 8,389 ETH, or around $30.4 million was transferred from Binance to an unknown wallet on November 28, 2024.
Whale activity is rising as ETH continues to trade above key resistance levels, indicating more and more investors are becoming convinced that the asset has a bright future. This trend aligns with the broader market recovery and rising interest from institutional investors.
Technical Indicators Point to Continued Upward Momentum
From the technical analysis, the Ethereum price trend has received a lot of support. The recent price breakout above the 78.6% Fibonacci retracement level has created the new floor at $3,550 for a further bullish trend. Additionally,
The ascending price channel seen by analysts indicates that ETH may be on its way to retesting the upper boundary of the channel. This corresponds to the $6,000 price mark. Ethereum’s long-term price movement has consistently followed this channel, reinforcing the bullish outlook shared by analysts and traders.
Meanwhile, a recent analysis suggests that Ethereum could reach $4,000, driven by the upcoming golden cross. This bullish signal indicates the potential for a sustained price rally over the long term. The 50-day EMA crossing higher than the 100-day and 200-day EMAs shows a positive trend with strong support at $3,200 backing this perspective.
