Fun

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

News Feed - 2024-12-06 09:12:24

Este artículo también está disponible en español.


As Bitcoin finally soars above the long-awaited $100,000 milestone, Ethereum (ETH) attempts to break out from a key resistance zone. The second-largest crypto rally has fueled optimism about its targets, with some suggesting that it could mimic BTC’s 2020-2021 rally. Related Reading Bitcoin (BTC) Crashes 33% In South Korea Amid Increasing Political Turmoil 3 days ago Ethereum Reclaims $3,900


Ethereum, the second-largest cryptocurrency by market capitalization, has recorded a 10% surge in the past week, moving from the $3,500 mark to the $3,900 resistance. On Wednesday, the King of Altcoins surpassed the $3,800 level for the first time in six months and continued climbing to retest the $3,900 resistance, not seen since early March.


In the early hours of Thursday, ETH turned this key zone into support, briefly dipping to $3,860 before jumping back to the recently reclaimed level. As the cryptocurrency nears its yearly high of $4,093, sentiment around the token’s short-term performance has turned extremely bullish.


Ethereum is retesting a massive multi-year resistance zone, which could send ETH to a new ATH. According to analyst Alex Clay, the cryptocurrency attempts to break “through the Key Resistance Zone on the weekly timeframe.”


ETH has rested the key zone five times since 2021, facing rejection from the upper resistance at $3,950 on four occasions before. However, Ethereum broke past this level in late 2021, when it hit its all-time high (ATH) and held above it for nearly three months.


The analyst noted that if the King of Altcoins successfully breaks above this level and turns it into support, it will be the next “to break through” and smash its ATH. Clay added that he sees “no major pullback in the near time.”


Similarly, crypto analyst Jelle stated that if Ethereum breaks above the March high, “all bets are off,” suggesting that the chances of ETH taking a long consolidation period before a new ATH like BTC did were “very low.” ETH To Rally Toward $10,000?


Jelle also noted that Ethereum’s current setup mimicked Bitcoin’s in July 2020. Per the chart, Bitcoin broke through a multi-year downtrend line by mid-2020, followed by a massive 500% 10-month rally toward the $60,000 mark in April 2021. ETH’s setup resembles Bitcoin’s 2020-2021 chart. Source: Crypto Jelle on X


The analyst noted that ETH breached the multi-year trendline today, like BTC in 2020, which could trigger a similar rally toward new highs in the next few months. He added that investors are “in for a treat if this plays out anything similar.”


In another post, he highlighted that Ethereum started rallying when Bitcoin broke its ATH and entered price discovery when BTC traded nearly 100% above its previous cycle high. Related Reading Tron (TRX) Leads The Crypto Market With 100% Rally To New ATH, $0.5 Next? 1 day ago


He considers that it would be surprising to “see things play out similarly this time around. BTC & ETH climbing in tandem, leading to ETH entering price discovery somewhere around ±$130,000.”


Based on this, the analyst believes that a 150-200% rally toward the $10,000-$12,000 price range for the cryptocurrency is possible for this cycle. As of this writing, ETH is trading at $3,905, a 2.4% increase in the daily timeframe. Ethereum’s performance in the weekly chart. Source: ETHUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

News Feed

Tom Mitchelhill5 hours agoRobert Kennedy Jr. reveals buying 2 Bitcoin for each of his 7 children“I’m going to put my money where my mouth is,” the Democratic presidential candidate said as he doubled down on his su
Tom Mitchelhill2 hours agoMyanmar’s shadow government backs launch of crypto-based bankThe Spring Development Bank is Myanmar’s first financial institution to run entirely on crypto and blockchain.2357 Total views15
Nigerian crypto community split over govt’s bid for Binance user data
Amaka Nwaokocha13 hours agoNigerian crypto community split over govt’s bid for Binance user dataChukwumaeze Dike, a crypto enthusiast and cybersecurity specialist, said he finds the request for the top 100 users surpri
Bitcoin Will Eventually Be Transacted More Than Fiat Currency, Say 35% of Australians Surveyed
Bitcoin Will Eventually Be Transacted More Than Fiat Currency, Say 35% of Australians Surveyed A new survey finds that 35% of Australians believe bitcoin will ev
Kraken-CertiK saga turns murky as part of exploited funds go ‘missing’
Prashant Jha5 hours agoKraken-CertiK saga turns murky as part of exploited funds go ‘missing’Kraken is planning to take legal action against security firm CertiK as the “white hat” operation by the security firm
Government to Airdrop $9 Billion in Free Money to 7 Million Hong Kong Residents
Government to Airdrop $9 Billion in Free Money to 7 Million Hong Kong Residents The government of Hong Kong has decided to airdrop about $9 billion in free money to an estimated
Bitcoin Triggers Golden Cross: What This Means For The Crypto Trend
Este artículo también está disponible en español. Bitcoin price is now above $70,000 per coin. The recent rally back toward local all-time highs has carried BTCUSD high e
Tristan Greene3 hours agoCircle launches USDC stablecoin on Mercado Pago in ChileThe partnership will purportedly bring USDC to 2 million users in Chile.513 Total views3 Total sharesListen to article 0:00NewsJoin us on s
Tom Mitchelhill4 hours agoCrypto miner Hive Digital drops ‘blockchain’ from name amid pivot to AIHive made the rebrand to reflect its “evolving focus” on revenue opportunities in AI, cloud computing and GPUs.1215
Why Is XRP Up Today? Key Reasons Revealed
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Markets Shed Billions Overnight — Analyst Says ‘Drawdown Normal’ and ‘Bull Market Structure Still Intact’
Crypto Markets Shed Billions Overnight — Analyst Says ‘Drawdown Normal’ and ‘Bull Market Structure Still Intact’ Cryptocurrency markets have dropped significantly in valu
Zhiyuan Sun7 hours agoBreaking: Binance Connect shutting down on Aug. 16A spokesperson said the move came in response to “changing market and user needs.”11340 Total views20 Total sharesListen to article 0:00Breaking