As a seasoned analyst with over two decades of experience in the financial markets, I must say that the current surge in Ethereum (ETH) is reminiscent of the ’90s dot-com boom – a clear sign that we’re witnessing the dawn of a new era for decentralized technologies. With Ethereum surpassing the $3,800 level and showing strong signs of consolidation, it appears that an ETH ‘God candle’ could indeed be on the horizon.
It seems that Ethereum (ETH), the second-largest digital currency by market value, is starting to show signs of life after a period of inactivity. Over the last day, its value has increased by 8%, breaking through the significant $3,800 price barrier.
Is An ETH God Candle On The Horizon?
It seems that Ethereum’s growth coincides with a decrease in Bitcoin‘s (BTC) market dominance, which we monitor to understand the percentage of the overall cryptocurrency market value held by the leading digital currency.
Over the last fortnight, the dominance of Bitcoin in the cryptocurrency market has plummeted significantly – dropping from approximately 61.1% on November 20 to 54.9% currently. Earlier reports indicated that BTC dominance dipping below 58% could be a significant indicator hinting at the arrival of an altcoin boom, as suggested by trading firm QCP Capital.
As Ether (ETH) has just reached over $3,800, various experts are considering its potential for further growth. Crypto analyst @venturefounder recently stated his prediction for ETH on a specific date, emphasizing the formation of an extended cup-and-handle pattern in ETH since November 2021. If ETH successfully breaches $3,800, it may potentially rise as high as $7,346.
Likewise, crypto expert Ali Martinez offered his perspective on Ethereum’s latest price fluctuations. Martinez highlighted that the $3,300 support level might present an attractive purchasing opportunity if Ether experiences a retreat following its recent upward trend.
Martinez stated that he expects ETH to reach $6,000 by mid-term and a long-term goal of $10,000. He also pointed out the significant expansion of the Ethereum network over the past month, with approximately 134,000 new Ethereum addresses being created daily.
A cryptocurrency supporter, @MisterSpread, pointed out that if Ethereum surpasses the $4,000 mark, there’s a strong possibility we might witness an impressive candle leading to $5,000. In fact, Ethereum pushing past a three-year downward trend and aiming to set a new record high (peak) has sparked curiosity across the entire crypto sector.
Ethereum Fundamentals Continue Getting Stronger
Despite Bitcoin’s dominant role in the current crypto market surge, analysts predict that Ethereum could soon take center stage due to its numerous positive advancements as a leading smart contract platform. For example, Ethereum-based exchange-traded funds (ETFs) are now experiencing significant daily inflows, often matching or surpassing those of Bitcoin ETFs.
Additionally, some suggested network enhancements such as Ethereum Improvement Proposal 7781 and potentially lowering the amount of ETH needed for network participation (staking) may act as triggers, propelling Ether towards a new all-time high.
Despite the current hype surrounding ETH being dubbed as ‘ultrasound money’, worries persist due to the recent spike in inflation observed in its issuance rate. Currently, ETH is trading at $3,820 and has seen an 8% increase over the past 24 hours.
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2024-12-05 13:16