As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the current surge in Ethereum (ETH) prices has piqued my interest. After months of relative stagnation, ETH’s return to its summer highs is a breath of fresh air, especially considering Bitcoin’s recent correction.
Ethereum, for the first time, is now charting its own course, as Bitcoin has experienced a downturn over the last seven days.
In Asian trading on Thursday morning, ETH prices soared to a peak of $3,682 – their highest since June 10. This surge represents a significant 18% increase in its value over the last week. However, Bitcoin saw a minor dip, decreasing by 2% over the same period.
At the moment of writing, Ethereum had dropped to $3,600, but it seems to have woken up following a long period of inactivity.
Ethereum $ETH getting sent
— Barchart (@Barchart) November 27, 2024
ETH Retuns to Summer Highs
According to crypto expert Rekt Capital, it’s possible that Bitcoin’s price fluctuation within the range of $91,000 and $100,000 could provide an opportunity for Ethereum to surge ahead and direct investment towards lesser-known cryptocurrencies.
As a crypto investor, I’ve been keeping an eye on Ethereum (ETH), and I’m excited about its potential. For ETH to surpass its previous highs from June, it needs to close the week above $3,650, which could signal a significant breakout. Let’s wait and see if this bullish trend unfolds!
He added that this would enable ETH to target resistance at $4,000 before adding, “Historically, such weekly closes inside the red resistance have preceded strong upsides,” which could see the asset reach $4,500.
$ETH
Ethereum will need to Weekly Close above ~$3650
Why?
In order for it to breakout from its light blue pattern
So as to later position itself for a Weekly Close within the $4000 resistance (red box)
Historically, such Weekly Closes inside the red resistance have preceded…
— Rekt Capital (@rektcapital) November 27, 2024
On November 28th, engineer and analyst ‘Wolf’ shared his perspective with his 107,000 followers, stating that the ETH chart appears extremely optimistic from any angle.
An alternative perspective is seeing it as a pattern lasting three years, known as a “cup and handle.” This pattern has significant resistance at the $4,000 level. After overcoming this hurdle, it’s expected to rise beyond $15,000 based on a calculated movement.
As an analyst, I’ve observed that Ethereum (ETH) seems to be developing an inverse head and shoulder pattern. Interestingly, it’s demonstrating resilience even as Bitcoin (BTC) experiences a downturn. Predictively speaking, this could suggest potential growth for ETH in the near future.
Here’s a possible way of paraphrasing the given statement in natural and easy to read language: “I believe that Ether (ETH) will surpass Bitcoin (BTC) in performance during the next 4-6 months. I’m taking a significant risk by heavily investing in it, and I predict that the price of ETH could reach $10,000 or more in this cycle.
Despite numerous months of skepticism and pessimistic predictions about its demise, championed by Bitcoin purists and Solana devotees, the Ethereum network and asset continue to thrive.
Ethereum ETFs Driving Momentum
It seems that institutional investors are taking the initiative in the U.S., as they’ve been pouring substantial amounts of money into Ether exchange-traded funds (ETFs) focusing on spot markets. These funds have experienced significant investment inflows lately.
Based on initial reports from Farside Investors, the combined total of nine funds experienced a record inflow of approximately $145.7 million on November 27 over a two-week period, marking their highest inflow during this timeframe.
Among the funds, BlackRock’s ETHA fund received the largest investment of approximately $55.6 million, trailed closely by Fidelity’s FETH with inflows of around $38 million, and the Grayscale mini Ethereum Trust (ETH) came in third with investments totaling about $37.3 million.
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2024-11-28 09:37