Originally published on: December 06, 2024
The cryptocurrency world is buzzing with excitement as Ethereum’s native token, Ether (ETH), continues its impressive upward trajectory. In just three weeks, ETH has seen a 28% increase in value since November 18th, despite a brief dip to $3,615 on December 5th. Now trading above $4,000, Ethereum shows no signs of slowing down.
According to analysts, Ethereum’s 4-hour chart reveals a promising trend of higher highs and higher lows, with the relative strength index (RSI) indicating healthy market conditions. With Ethereum poised to break the $4,000 mark, one venture founder predicts an “impulse breakout” that could lead to a staggering $15,000 ETH price by 2025.
This optimistic forecast is supported by Ethereum’s continued consolidation within a three-year ascending triangle pattern, hinting at a potential “paradigm shift” in the market. To achieve this milestone, Ether must maintain support above $3,800 and retest its previous all-time high of $4,878.
Independent trader Honey also sees signs of a major rally, pointing to a “golden cross” on the 1-day chart that mirrors previous bull markets. As institutional interest in spot ETH ETFs grows, Ethereum’s DeFi metrics are also flourishing, with total value locked on the chain reaching a new yearly high of $77 billion on December 5th.
With smart money pouring into the market and positive price action on the horizon, Ethereum enthusiasts have plenty of reasons to be optimistic about the future. As the crypto landscape continues to evolve, all eyes are on Ethereum as it charts a course towards new all-time highs.