Originally published on: December 13, 2024
Ethereum is gearing up for a surge above $5,000, with crypto analysts eyeing this as a “minimum target” before potentially hitting a cycle top above $15,000 for the second-largest cryptocurrency in the world.
In the broader crypto landscape, Avalanche recently closed a $250 million private locked-token sale involving more than 40 companies. This comes ahead of Avalanche9000, touted as the most significant upgrade in the layer-1 blockchain network’s history.
Based on technical chart patterns, Ethereum could see a rally to surpass $5,000, with analysts projecting bullish momentum possibly extending into the end of 2025. The price surge is expected to be driven by Ethereum’s correlation with Bitcoin, which recently broke past $100,000 for the first time.
Predicted as a “minimum target,” Ethereum’s rally to a record high of $5,000 is supported by fractal patterns shared by popular crypto analyst Titan of Crypto. Fractals are used by technical traders to identify key levels and trend reversals based on historical data.
Analysts are increasingly optimistic about Ethereum’s price, with some foreseeing an “impulse breakout” to $15,000 by the close of 2025.
In a separate development, layer-1 blockchain Avalanche announced the successful closure of a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital. Over 40 companies participated in the token sale, including prominent names like SkyBridge and Morgan Creek Digital.
Additionally, the Financial Services Regulatory Authority of Abu Dhabi Global Market has officially recognized Tether’s USDt stablecoin as an accepted virtual asset. This recognition allows licensed financial service providers within the ADGM to offer services related to USDT, aligning with the UAE’s vision to become a global digital finance hub.
Eigen Foundation also revealed plans to allocate 1% of the EIGEN token supply to the Protocol Guild, a group of core developers responsible for maintaining the Ethereum layer-1 blockchain. The funds will support ongoing development efforts, enhancing Ethereum’s security and offering additional yield opportunities for investors.
While most of the top 100 cryptocurrencies by market capitalization saw losses this week, the DeFi space continues to evolve rapidly, providing new opportunities for investors and enthusiasts alike. Stay tuned for more updates on the dynamic DeFi sector next week.
