- Ether (ETH) is expected to break out towards $5,000, according to crypto analysis, as the largest altcoin gains ground against Bitcoin (BTC).
- Ethereum is “showing up to the party” with a trip past $3,800, as data from Cointelegraph Markets Pro and TradingView shows daily ETH price gains of more than 5%.
- Crypto analysts and traders are setting bullish price targets for ETH, with some predicting a move towards $7,000 as the altseason gathers pace.
Get ready for Ethereum (ETH) to take center stage in the crypto market! As Bitcoin (BTC) takes a breather from its record-breaking rally, Ethereum emerges from the shadows, potentially heading for a breakout towards $5,000. Some analysts even suggest a price target of $7,000 as the altcoin season kicks into high gear.
Ethereum’s Impressive Performance
Ethereum is showing some serious momentum, outshining its Bitcoin counterpart. According to data from Cointelegraph Markets Pro and TradingView, the daily ETH price gains are over 5% for December 4. Ethereum’s performance has been remarkable, particularly with Bitcoin struggling to cross the $100,000 mark. As Bitcoin’s appeal wanes, Ethereum swoops in, leading the altcoin charge.
Analysts’ Predictions for Ethereum’s Bullish Ride
Renowned trader Jelle, along with others in the trading community, have highlighted key resistance/support flips that point to Ethereum breaking the $5,000 barrier. Observers eagerly anticipate Ethereum replicating Bitcoin’s bullish trend, with lofty price targets in sight. Trader Venturefounder, in particular, forecasts a price target of $7,346, citing a giant cup and handle/consolidation triangle that’s been forming since November 2021.
Ethereum’s Momentum and the Ethereum Ecosystem
Trader, analyst, and entrepreneur Michal van de Poppe has noticed a bullish divergence for the ETH/BTC relative strength index (RSI) on 3-day timeframes. He’s optimistic about the momentum Ethereum is bringing, especially as it faces its first resistance. Van de Poppe believes this momentum resonates within the entire Ethereum ecosystem, sparking an exciting period for the altcoin.
Ethereum’s Impact on the BTC Pair
Not only is Ethereum showing strength in its own right, but its performance is also influencing the BTC pair. Trader and analyst Rekt Capital agrees with other analysts, noting the resistance/support flip is progressing as bulls would want. Stability around the $3,650 region could facilitate a move towards $4,000.
Conclusion
It’s an exciting time for Ethereum and its investors. As Ethereum makes significant strides, analysts’ bullish predictions imply a promising future for the largest altcoin. However, as always with investments, there are risks involved, and individuals should conduct thorough research before making any trading decisions.
