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Ethereum has jumped by more than 7% in the past 24 hours to break above $3,350.
The top altcoin’s price gains come after Bitcoin spiked to its highest-ever mark above $98k on Thursday morning.
While ETH has failed to master a significant rally in the wake of Bitcoin’s surge in the past month, the market’s optimism around the top altcoin’s price is rising.
This comes as the Ethereum network records a resurgence in activity around decentralized applications.
Decentralized finance, non-fungible tokens, and gaming are among ecosystem segments seeing huge returns of active users.
Analysts on ETH price: $4,000 is next
Ethereum price rose to an all-time high above $4,800 during the 2021 bull market phase.
Bears pushed it all the way to under $1,000 in January 2022, with a subsequent uptrend from early 2023 fizzling just above the $4k mark in March 2024.
Notably, though, the surge to the year-to-date highs for ETH came as Bitcoin hit another high on the back of the SEC’s approval of the first spot Bitcoin ETFs in the US.
However, BTC has stormed into price discovery after obliterating the previous ATH following Donald Trump’s election on Nov. 5.
Analysts predict the top coin could soon breach the $100k mark, having touched $98,370 today.
In Ethereum’s case, the altcoin season is what will define its next cycle high. But in the short-term, analysts are looking at a potential spike towards $4k.
Wolf, an analyst bullish on Ethereum price, says the “catch-up setup” for the altcoin is on. A breakout above $3.5k will catalyze further gains for bulls.
It’s just a matter of days, $ETH will pump above 3.5k and kickstart its bull market. This is the catch-up setup.
Crypto analyst Rekt Capital says ETH has started to break out of a short-term bull flag pattern.
If the price continues higher, buyers could revisit the $3,700 resistance level.
Earlier, the analyst opined:
“The fact that $ETH hasn’t even revisited old All Time Highs just shows how much Money Flow is yet to trickle into smaller Altcoins in the future.”
Ethereum open interest metric
As data from Coinglass shows, open interest in Ethereum has jumped 13% to over $20.3 billion. This suggests market confidence in future ETH prices.
Largely, this is the scenario that a 91% increase in volume, currently at over $57.8 billion, is signaling.
Meanwhile, a positive flip for net inflows into ETH spot ETFs could be key.
The market has recorded four consecutive trading days of outflows – compared to a three-day positive streak for BTC.
And while Bitcoin has seen the total value of assets in US spot ETFs surpass $100 billion, it’s only $8.96 billion for ETH.
The post Ethereum gains 7% to surpass $3.3K: what analysts are saying appeared first on Invezz
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