As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles, from the dot-com bubble to the 2008 global financial crisis. My perspective on Ethereum‘s future is informed by this wealth of knowledge as well as the latest trends and indicators.
TL;DR
- Analysts predict ETH could hit $5,000 or even $10,000, with key resistance at $3,750 signaling a potential breakout.
- Rising daily active addresses and positive network growth suggest increasing Ethereum adoption, supporting a bullish outlook.
Where’s ETH Headed Next?
Last week, the second-largest cryptocurrency saw a significant surge, momentarily reaching over $4,000 on December 6 – a peak not seen since March 2024.
After that point, ETH began to slow down and dropped to around $3,500 due to the recent market correction at the beginning of the new trading week. In the past few hours, the bulls have managed to halt its descent, raising the price to its current level of $3,720 (as per CoinGecko’s statistics).
Regardless of Ethereum’s recent unsteady state, various analysts still maintain a positive outlook, believing that the asset has not yet reached new record highs. For instance, the well-known trader known as X, or CoinMamba, forecasts a fresh all-time high of $5,000 by the end of 2024.
My target for $ETH is still $5k by the end of this year. Do what you will with that information..
— CoinMamba (@coinmamba) December 10, 2024
User Skew additionally foresees a possible increase in ETH’s price should it regain the $3,750 barrier. Yet, this trader maintains a gloomy outlook if the value dips below $3,500.
As an analyst, I’ve been examining Ethereum’s price trends and Crypto Patel has put forth a bullish outlook suggesting that ETH could potentially reach a new all-time high of $10,000. However, it’s important to note that there might also be a possible correction, with the digital currency potentially dipping into the $2,500-$2,800 range. This zone, in his view, could represent an optimal accumulation opportunity.
What Are On-Chain Metrics Signaling?
Some key signs point towards Ethereum potentially experiencing an upward trend. For instance, the number of daily active Ethereum addresses has significantly risen, as reported by IntoTheBlock, increasing by nearly 7% in a 24-hour period, exceeding 600,000.
This increase often indicates an upward trend in the use of the Ethereum blockchain, potentially causing a surge in its value.
As a researcher, I’m observing an upward trend in another important metric: Net Network Growth, a momentum signal that reflects the genuine expansion of the token’s underlying network. Specifically, it has increased by 0.30% daily, moving into the bullish zone.
In contrast, the “In the Money” indicator, which tracks the increase in Ethereum investors realizing profits on their investments, has shown a slight decrease over the same timeframe. Currently, about 89% of these investors are in profit, whereas just 8% are experiencing losses.
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2024-12-11 22:38