Thomas Daniels
Based on market momentum and technical indicators, Ethereum’s native token, Ether (ETH), might be about to duplicate XRP’s record 390% run. Ethereum might reach $7,600 in the upcoming months, according to analysts, with even higher price expectations by 2025.
XRP broke out of a six-year symmetrical triangular formation in November and saw a parabolic 390% gain. The price of XRP surged from $0.50 to $2.94 as a result of this breakout, reaching its 1.618 Fibonacci retracement level, which served as a crucial barrier level.
The price movement of Ethereum points to a similar course. A symmetrical triangular pattern that has been developing for more than three years has just been broken by ETH. Ethereum’s 1.618 Fibonacci retracement level suggests a possible price objective of $7,636—a 90% rally by late 2024 or early 2025—should it follow XRP’s fractal.
Ether’s weekly relative strength index (RSI), which is currently at 67, just below the overbought level of 70, contributes to the positive attitude. There may be more upside potential because this RSI level is similar to the circumstances prior to XRP’s breakout.
VentureFounder, a well-known market analyst, predicts a “impulse breakout” for Ethereum, comparing it to the 2016–2017 cycle in which its price spiked to all-time highs. According to the researcher, Ethereum’s market value can surpass $1 trillion for the first time if it reaches $15,937 by May 2025.
Ethereum’s possession of $3,800, a critical weekly support, is essential to this bullish scenario. With the momentum to rise higher, ETH might retest its all-time high of $4,878 if this level is successfully defended.
Inflows into Ethereum exchange-traded funds (ETFs) headquartered in the United States demonstrate that institutional demand is rising in tandem with bullish expectations for Ethereum. Together, Ethereum ETFs managed $1.42 billion in assets as of December 6, a significant increase from $123 million on November 22.
As institutional investors placed bets on Ethereum’s price recovery and scalability improvements, this spike in ETF inflows highlights increased confidence in the cryptocurrency’s long-term prospects.
