Originally published on: December 04, 2024
As the altseason gains momentum, Ethereum (ETH) is primed for a surge towards $5,000, according to crypto analysts. ETH has been making significant gains against Bitcoin (BTC), signaling a potential breakout in the near future.
ETH/USD has seen daily gains exceeding 5% on December 4, indicating a bullish trend for the second-largest cryptocurrency by market cap. As Bitcoin takes a breather from its rally, Ethereum is taking the lead in the altcoin market.
Popular trader Jelle noted a key resistance/support flip for ETH/USD, predicting a move towards the $5,000 level. This sentiment is echoed by other analysts who foresee even higher price targets for Ethereum.
Venturefounder, another trader, pointed out a giant cup and handle/consolidation triangle forming since November 2021, setting a price target of $7,346 for Ethereum.
Michaël van de Poppe highlighted a bullish divergence in the ETH/BTC RSI on three-day timeframes, suggesting strong momentum for Ethereum’s price growth. Market observers are optimistic about Ethereum’s future performance.
QCP Capital noted that ETH/USD is retesting its current all-time high near $4,900, indicating a bullish trend for Ethereum. The ETH/BTC pair also showed resilience, trading at its highest level since November 10.
As the altseason gains momentum, Ethereum is in the spotlight with promising price targets on the horizon. Traders and investors are eagerly watching the market for Ethereum’s next move towards $7,000.
Remember, this article is for informational purposes only and does not constitute investment advice. Make sure to conduct your own research before making any financial decisions. Stay updated on the latest market insights by subscribing to the Markets Outlook newsletter.
