As a seasoned researcher who has witnessed the crypto market’s ebb and flow since its inception, I find myself intrigued by the current state of Ethereum (ETH). The short-term bearish outlook for ETH price might be disheartening to some, but as a long-term investor, I see the potential for a bull run towards new all-time highs.
Bitcoin‘s price dropped below $70k after encountering significant resistance near its all-time high, while Ethereum maintained a short-term bearish trend. Bitcoin, worth approximately $68,779 and with a daily volatility of 0.6%, currently has a market cap of around $1.36 trillion and a 24-hour volume of $36.85 billion. Ethereum, valued at $2,471, also exhibits a daily volatility of 0.7%. It boasts a market capitalization of over $297.33 billion and a daily average traded volume of around $14.7 billion, ending the previous week in an inverted hammer configuration.
After hitting a significant support level at around $2400, Ether’s price appears primed for another major bull run, according to crypto analyst Ali Martinez. He predicts that Ether could potentially reach a new all-time high of approximately $6,000 in the near future.
In a recent discussion on X, the crypto analyst pointed out that the value of Ether has been steadily increasing since early 2023. Using technical analysis, they noted that Ether’s price has consistently followed an ascending logarithmic trend, suggesting a likely upcoming bullish surge.
As a researcher, I’ve been closely observing the behavior of Ether’s price, and it appears to have settled into a symmetrical triangular pattern since the crypto crash on August 5. Historically, such patterns often culminate in a bullish breakout. However, if Ethereum consistently closes below the support range of $2,150 to $2,293, the optimistic outlook for its price may be called into question.
The risk-to-reward ratio on #Ethereum $ETH is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000.
— Ali (@ali_charts) November 4, 2024
Timing for Ethereum Price Breakout and Anticipated Altseason
Over the last several years, Bitcoin’s influence in the Ethereum market has grown significantly, as indicated by an increase in Bitcoin’s dominance. According to recent market statistics, Bitcoin now accounts for approximately 60% of the total crypto market, while Ethereum’s share has decreased to around 13.19%.
Consequently, the ETH/BTC exchange rate has been stuck in a prolonged downtrend for several years, even with the Weekly Relative Strength Index (RSI) consistently staying in the oversold region. Renowned crypto analyst Benjamin Cowen predicts that there is a higher likelihood of another altcoin correction in the upcoming weeks, followed by a bullish recovery in early 2025.
I predicted that #OTHERS or #BTC could reach a significant low, rise to the BMSB level, only to be turned down again and establish new cycle lows.
Currently, this situation is unfolding, but some individuals who advocate for worthless meme coins might choose to ignore or downplay it.
Don’t lose all your money chasing garbage memecoins, the…
— Benjamin Cowen (@intocryptoverse) November 3, 2024
The cryptocurrency expert predicts that Bitcoin will dominate the altcoin sector temporarily, up until around mid-2025 when there may be a shift. Specifically, this analyst anticipates that Ether’s value could fluctuate between $1,000 and $1,400 in November and December of this year, followed by a surge surpassing $6,000 in 2025.
Market Picture
Despite temporary market turmoil, the interest in Ethereum and many other altcoins generally remains subdued. Last week, providers of US spot Ether ETFs saw a net inflow of approximately $13 million, whereas Bitcoin’s ETFs experienced a significant influx of over $2.2 billion during the same period.
Despite fierce rivalry from various layer-one networks, such as Solana (SOL), which currently boasts a market capitalization of $77.24 billion and a 24-hour trading volume of $3.44 billion, the Ethereum network continues to reign supreme in the web3 space. It holds more than $45 billion in total value locked (TVL) and approximately $84 billion in stablecoins market cap, asserting its dominance as the leader in this domain.
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2024-11-04 14:48