Originally published on: December 07, 2024
Ethereum’s Ether (ETH) is following the breakout pattern of XRP from November, which led to an incredible 390% price upsurge.
XRP broke out of a symmetrical triangle pattern after six years, skyrocketing from around $0.50 to over $2.94 within a short period.
The $2.94 level, coinciding with XRP’s 1.618 Fibonacci retracement level, currently acts as a resistance point as of Dec. 7.
Ethereum seems to be on a similar path as XRP, breaking above the upper trendline of its three-year-old symmetrical triangle pattern in the week ending Dec. 8.
If Ether repeats XRP’s trajectory, it could potentially reach the 1.618 Fibonacci retracement level at approximately $7,636. This translates to a projected 90% rally by December 2024 or January 2025.
Looking at Ether’s weekly relative strength index (RSI) hovering around 67, it indicates room for further price growth before hitting the overbought threshold at 70, similar to the conditions before XRP’s surge.
Market analyst “VentureFounder” anticipates an “impulse breakout” for Ethereum in the near future, drawing parallels between the current setup and the 2016-2017 cycle, predicting a surge towards new highs.
VentureFounder’s target price for ETH is $15,937 by May 2025, potentially propelling Ethereum’s market capitalization above $1 trillion for the first time.
To realize this bullish projection, maintaining $3,800 as weekly support is crucial, increasing the chances of retesting the all-time high of $4,878 in the short term.
These optimistic forecasts coincide with the rising inflows into US-based spot Ethereum exchange-traded funds (ETFs), showcasing a significant increase in assets under management, highlighting growing investor interest in Ethereum.
As with any investment decision, it is essential to conduct thorough research and analysis before making any financial moves.
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