Originally published on: December 04, 2024
As the crypto market heats up with altcoins gaining ground, all eyes are on Ethereum (ETH) as analysts predict a potential breakout towards $5,000. While Bitcoin (BTC) takes a breather, ETH is stealing the spotlight with daily gains exceeding 5%.
According to market experts, ETH is finally making its move in the ongoing altseason after XRP and Tron saw sudden spikes. Popular trader Jelle highlighted a crucial resistance/support level that could propel ETH/USD to reach the significant $5,000 milestone soon.
But the optimism doesn’t stop there. With the formation of a massive cup and handle/consolidation triangle since November 2021, some traders are eyeing a price target of $7,346 for Ethereum. The bullish sentiment is also reinforced by a bullish divergence for the ETH/BTC relative strength index on three-day timeframes, indicating strong momentum for Ethereum’s ecosystem.
Market observers are closely watching the ongoing price action, with the recent retest of ETH/USD near its current all-time high. Trading firm QCP Capital notes that ETH/BTC has been resilient despite previous weaknesses, trading at its highest level since November.
While these insights offer a glimpse into the potential trajectory of Ethereum’s price, it’s essential to remember that all investment decisions carry risks. Before making any moves in the market, conducting thorough research and analysis is crucial.
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