Ethereum Price Chart Is Similar to Bitcoin’s Record-Breaking 45% Rally

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends, and the current situation with Ethereum (ETH) is reminding me of some of the most promising bull runs we’ve seen in the past.

Over the weekend, Ethereum‘s price soared beyond $3,700, sparking optimism for an imminent surge towards $4,000 and potentially setting new record highs. This current Ethereum chart bears a striking resemblance to Bitcoin‘s just before it initiated a 38% rally in November.

The three-line graph for Ethereum reduces daily price volatility, showing that an eight-month downward correction, characterized by lower highs and lows, has concluded. These spikes in value typically trigger a series of bullish events, attracting new investors while pushing out those who had been preventing price increases during times of consolidation.

The Bitcoin (BTC) price, currently at approximately $95,218, showed a pattern similar to its mid-October breakout, leading to a rally that pushed it to a record high of around $73,000. Since then, the BTC price has increased by 45%, reaching over $96,000. This surge was accompanied by a 24-hour volatility of 1.9% and a market capitalization of approximately $1.88 trillion, with a 24-hour volume of around $74.36 billion.

Courtesy: CoinDesk

Furthermore, the latest developments on the Ethereum network seem to reinforce the optimistic viewpoint towards ETH. Notably, there has been a significant surge in “blobs” submitted by layer 2 protocols on Ethereum during November.

Sharing data blocks (or “blobs”) leads to varying charges settled in Ether, a portion of which gets destroyed, much like standard transaction costs. This process decreases the amount of available Ether in circulation because it’s burned. As a result, the demand for Ethereum may increase, leading to potential price growth over time due to scarcity.

Ethereum Price Rally to $10,000

As a crypto investor, I’m keeping a close eye on Ethereum’s price action. Though it hasn’t surpassed the immediate barrier at $4,000 just yet, predictions of a potential rally to $10,000 are gaining traction. Notably, renowned analyst Titan of Crypto posits that Ethereum’s price might be headed towards new highs, estimating potential targets ranging from $7,800 to $9,900.

Based on past patterns, it appears that the 141.40% Fibonacci extension level might signal a possible peak in the current cycle, much like how it marked the high point in the last cycle. If history follows a similar trajectory, some experts predict Ethereum could reach around $10,000 by the culmination of this upward trend.

#Ethereum Cycle Top: $7,800–$9,900? 🚀

In the last cycle, #ETH peaked near the 141.40% Fibonacci extension.

If history repeats, this cycle’s top could approach $10K.

— Titan of Crypto (@Washigorira) December 1, 2024

Lately, Ethereum’s price has been repeatedly rejected when reaching around $3,700. To reach our next goal of $4,000, it’s crucial that we manage to close the day above this level.

In contrast, the rate at which money is flowing into Ethereum Spot ETFs has significantly increased during the last week of November, totaling over $550 million in weekly deposits. Notably, on Friday alone, the daily influx into Ethereum Spot ETF outpaced that of Bitcoin ETFs for the first time since their launch.

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2024-12-02 15:30