- Ethereum’s $3,000 support is reinforced by 6.14M ETH purchased by 2.82M wallets, indicating strong market confidence.
- Analysts predict Ethereum could hit $10,000, supported by whale accumulation of 430,000 ETH worth $1.4B in two weeks.
- On-chain metrics and ascending channel patterns signal Ethereum’s potential rise to $4,000, $6,000, and possibly $10,000.
Ethereum’s price has remained steady around the $3,100 level, despite the cryptocurrency market rallying over the past few weeks. Notable analysts are predicting a significant upward trend for Ethereum, signaling the possibility of it outperforming Bitcoin in the coming months. Recent whale activity and on-chain metrics suggest that Ethereum might rally to the $10,000 mark, drawing attention from investors and traders alike.
But there is another bullish theory!#Ethereum could be mirroring the price action of the S&P500, which puts a $10,000 target on $ETH.https://t.co/ifn1zGnn9x
— Ali (@ali_charts) November 19, 2024
Key Support Levels Strengthen Ethereum’s Position
Notably, the cryptocurrency has experienced a 10% correction from its November high of $3,400. However, Ethereum’s price continues to hold the crucial $3,000 support level. According to data, nearly 2.82 million wallet addresses purchased a total of 6.14 million Ethereum tokens at this level.
Consequently, this strong buying activity demonstrates resilience and a solid foundation for further price movement. Analysts believe this support will act as a springboard for the next price surge.
Bullish Patterns and Momentum Building for Ethereum
Ali Martinez, a popular crypto analyst, pointed out that Ethereum’s price might first target $4,000 and then $6,000 based on the ascending channel pattern. This pattern has historically led to strong upward trends. Martinez also highlighted that Ethereum could mirror the rally in the S&P 500, which could push its price to $10,000.
Moreover, another analyst, IamCryptoWolf, echoed similar sentiments. He emphasized Ethereum’s steady momentum over the past two and a half years, marked by higher lows. He stated that once the price clears $4,000, it could rapidly ascend to $10,000. This analysis aligns with Ethereum’s historical market cycles, where it outperformed Bitcoin during similar phases.
Whale Accumulation and On-Chain Metrics Bolster Optimism
In addition, since early November, Ethereum whales have been increasing their holdings, accumulating 430,000 ETH worth approximately $1.4 billion in just two weeks. Additionally, Ethereum’s Market Value to Realized Value (MVRV) Momentum suggests the cryptocurrency has significant upside potential. These indicators align with the analysts’ bullish predictions, further reinforcing expectations of a substantial rally.