Originally published on: December 07, 2024
Ethereum’s Ether (ETH) token seems to be taking a page out of XRP’s playbook, mirroring the November breakout trend that saw a price surge of over 390%.
In a similar fashion to XRP’s parabolic rally, Ethereum has recently broken out of a three-year symmetrical triangle pattern, signaling a potential surge towards $7,636, a 90% increase by December 2024 or January 2025.
With Ether’s relative strength index (RSI) hovering around 67, there is still room for further upside before hitting the overbought threshold, just like XRP did before its explosive price boom.
Market analyst “VentureFounder” predicts an “impulse breakout” for Ethereum in the coming months, comparing the current setup to Ethereum’s previous cycle in 2016-2017. The analyst has set a price target of $15,937 by May 2025, potentially pushing Ethereum’s market capitalization above $1 trillion.
For this optimistic scenario to materialize, Ethereum must maintain $3,800 as weekly support and potentially retest its all-time high of $4,878 in the short term.
Recent inflows into US-based spot Ethereum exchange-traded funds (ETFs) signal growing institutional interest in Ethereum, with funds now holding approximately $1.42 billion worth of Ether under management, a significant increase from just a few weeks ago.
While this article does not offer investment advice, the bullish momentum surrounding Ethereum suggests exciting potential for the cryptocurrency moving forward. Stay updated on market insights and investment opportunities by subscribing to our Markets Outlook newsletter today.
