Ethereum price has been facing resistance amidst the ongoing rally in Bitcoin and other altcoins, dropping over 1% in a week. However, a popular analyst has made a bold prediction for Ethereum, suggesting a potential rally to the $10,000 level. This prediction is based on historical market cycles where Ethereum has outperformed Bitcoin, with the analyst hinting at an upcoming opportunity for investors to enter the market before the rally kicks off.
Despite a 10% correction from the recent high of $3,400 in November, Ethereum has managed to hold strong support at $3,000. With nearly 2.82 million addresses holding a total of 6.14 million ETH coins, the bullish sentiment remains intact. According to the analyst’s ascending channel pattern, ETH price is expected to target $4,000 and $6,000 in the near future.
Another analyst has echoed a similar sentiment, predicting a price surge for Ethereum if it crosses the $4,000 mark. This analyst highlights the solid momentum built by ETH over the past 2.5 years, suggesting that once it breaks the $4,000 barrier, a rally to $10,000 could be on the horizon. The ongoing accumulation of ETH by whales further supports this bullish outlook for Ethereum.
Despite Bitcoin dominance remaining close to 60%, the altcoin season is yet to begin, and Ethereum’s participation is crucial for its initiation. The Market Value to Realized Value (MVRV) Momentum for Ethereum indicates significant upside potential, further supporting the bullish Ethereum prediction by analysts. Additionally, Ethereum whales have been accumulating ETH coins, with a recent surge in buying activity indicating positive sentiment towards the asset.
At the time of writing, Ethereum’s price is hovering around $3,110, showing a slight decline over the past day. Trading volume has also decreased by 23%, while Total ETH Futures open interest has surged by 1% in the last 4 hours, indicating growing buying activity on derivatives exchanges. With the potential for a rally to $10,000 looming, investors are closely monitoring Ethereum’s price movements and whale activity for further insights into the market trend.
