Ethereum To Pull A BTC 2021-Like Rally? Analyst Shares Massive Prediction

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As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed the ebb and flow of digital assets like no other. The recent surge of Ethereum breaking the $3,900 resistance is a sight to behold, reminiscent of Bitcoin’s meteoric rise above the $100,000 mark.

With Bitcoin reaching the much-anticipated $100,000 mark, Ethereum (ETH) is making an effort to break free from a significant barrier in its path. The surge of the second-largest cryptocurrency has sparked optimism about its potential goals, as some predict it might follow Bitcoin’s pattern from 2020 to 2021.

Ethereum Reclaims $3,900

In the past week, Ethereum, the second-largest digital currency by market value, has experienced a 10% rise. It climbed from approximately $3,500 to challenge the $3,900 barrier. On Wednesday, it breached the $3,800 threshold for the first time in six months and kept ascending, aiming to test the $3,900 resistance level, which hasn’t been encountered since early March.

On Thursday morning, ETH found strong support in a crucial area, momentarily dropping to approximately $3,860 before rebounding to its recently regained level. As the cryptocurrency inches closer to its yearly high of $4,093, optimism regarding its immediate future has grown significantly bullish.

As a crypto investor, I’m observing that Ethereum is once again testing a significant resistance zone it hasn’t breached in years. If successful, this could potentially propel ETH to a brand-new all-time high. Analyst Alex Clay suggests that we might witness Ethereum breaking “beyond the Crucial Resistance Level on the weekly chart.

Ether (ETH) has attempted to break through a crucial zone five times since the beginning of 2021, but it encountered resistance at approximately $3,950 on four separate occasions. However, towards the end of last year, Ethereum managed to surpass this level, reaching its record high (ATH), which it maintained for almost three months.

The analyst pointed out that if the leader among altcoins manages to surpass this threshold and convert it into a support level, it could be the one to push beyond and reach a new all-time high (ATH). Furthermore, Clay mentioned that he anticipates no significant pullback in the short term.

In a similar vein, crypto expert Jelle indicated that if Ethereum surpasses its March peak, it could mean that the probability of Ethereum entering a prolonged consolidation phase prior to reaching another all-time high (ATH) is extremely slim, as the chances of such consolidation are “very low.

ETH To Rally Toward $10,000?

Jelle pointed out that Ethereum’s structure back in July 2020 resembled Bitcoin’s at the time. As shown on the graph, Bitcoin surpassed a multi-year falling trendline by mid-2020, leading to an impressive 500% increase over ten months, reaching around $60,000 in April 2021.

Today, the analyst observed that Ether (ETH) broke through a long-standing trendline, much like Bitcoin (BTC) did in 2020. This could potentially initiate another surge toward record highs within the coming months. He further commented that investors might be in store for quite an exciting time if this pattern unfolds in a manner similar to what occurred previously.

Previously, I noted that the value of Ethereum began to surge following a new all-time high (ATH) in Bitcoin, marking a period of price exploration as Bitcoin traded approximately 100% above its prior cycle peak.

He finds it unexpected that “things might unfold in a similar fashion this time. The prices of Bitcoin (BTC) and Ethereum (ETH) increasing together, causing Ethereum to reach price discovery, potentially around $130,000.

According to the analyst’s prediction, there’s a strong likelihood that the value of the cryptocurrency could surge by up to 200% during this cycle, potentially reaching between $10,000 and $12,000. Currently, ETH is being traded at $3,905, representing a 2.4% growth in the daily market.

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2024-12-06 15:40