Originally published on: December 06, 2024
Ethereum’s Ether (ETH) token has been steadily climbing over the past few weeks, with a 28% increase since November 18. Despite a brief dip to $3,615 on December 5, the altcoin has quickly rebounded and is now trading above $4,000.
The 4-hour chart for Ethereum shows a consistent pattern of higher highs and higher lows, with the Relative Strength Index (RSI) indicating a healthy trend. With Ethereum edging close to $4,000, a prominent analyst has set even higher targets for the year 2025.
According to the analyst, Ethereum is currently consolidating within a three-year ascending triangle pattern, suggesting an upcoming “paradigm shift.” The analyst predicts that a $16,000 ETH price could push the altcoin’s market cap above $1 trillion for the first time ever.
For this to happen, Ether needs to maintain support above $3,800 and potentially retest its all-time high of $4,878 in the near future. Another trader, named Honey, pointed out that Ethereum’s “golden cross” on the 1-day chart is a bullish signal that could lead to new all-time highs.
Institutional interest in Ethereum is also on the rise, with spot ETH ETFs gaining traction towards the end of the year. Recent data shows significant inflows into Ethereum financial instruments, with BlackRock’s iShares Ethereum Trust leading the way with over $500 million in inflows this week.
In addition to the positive price action, Ethereum’s decentralized finance (DeFi) metrics are also improving, with total value locked on the Ethereum chain hitting a new yearly high of $77 billion on December 5.
With smart money pouring in and Ethereum’s fundamentals looking strong, it seems like ETH is poised for a significant price surge in the coming years. Keep an eye on this space for more updates on Ethereum’s journey to $15K by 2025.
