Taking action on the last trading day of the week, Ethereum (ETH) entered the weekend above $3K with a possible breakout.
Altcoin craze has started in the crypto market. Many altcoins are approaching potential resistance points with gains of 20 percent to 30 percent. ETH, which has been below expectations for a long time, paved the way for altcoins. In the last 24 hours, the pioneer of altcoins has increased by almost 5%, above 3 thousand dollars.
According to an analysis compiled by Cointelegraph, ETH is repeating price movements from past cycles. This situation could lead ETH to a potential rally. In the analysis, it was predicted that ETH would increase by more than 100 percent by the first quarter of 2025.
What to expect from Ethereum (ETH)?
According to Ethereum (ETH) analysis, the price of ETH may reach a level between $6,000 and $6,500 by the end of the year.
These days, while institutions are accumulating Bitcoin through spot ETFs, spot Ethereum ETFs traded in the USA have failed to live up to expectations. Still, spot ETH ETFs hosted positive net flows of $132 million between November 6 and November 7.
ETH, which also returned to positive flow in ETFs, became the center of attention in the crypto market. Crypto analysts claim that ETH will experience the price movement that has been expected for months.
Michael van de Pope, founder of MN Consultancy, predicts that ETH will continue its rise in chart analysis published on X. “A large candle on the ETH chart” Pope, who shared his analysis with the title, said;
“Over $230 million has flowed into Ethereum since the election, and ETH is on the rise again. “I think Ethereum is outperforming Bitcoin.”
Venture capitalist Henrique Santero claimed that Ethereum has now entered “scarcity mode”. According to Centieiro’s prediction, there will be an explosion of demand in the ETH supply and a shortage of supply in the stock markets. This situation will push ETH towards a rally.
More than 42.6% of the total ETH supply was invested on platforms. On the other hand, the amount of ETH on exchanges fell to a 2024 low.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
