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Ethereum’s native token, Ether (ETH), could soon replicate XRP’s recent 390% price surge, according to market analysts. With Ethereum breaking out of a three-year symmetrical triangle pattern, analysts predict that ETH could rally to $7,600 by early 2025.
The breakout aligns closely with XRP’s parabolic rise from $0.50 to $2.94 in November, spurred by similar technical patterns. Analysts point to Ethereum’s current relative strength index (RSI) and Fibonacci retracement levels as signals of further bullish momentum.
Ethereum’s Breakout Echoes XRP’s 390% Rally
Ethereum’s price chart is showing striking similarities to XRP’s recent breakout. XRP’s six-year symmetrical triangle pattern culminated in a rally to $2.94, its 1.618 Fibonacci retracement level. Analysts now suggest Ethereum is on a similar trajectory.
ETH recently broke above the upper trendline of its three-year symmetrical triangle, signaling a potential rally to its own 1.618 Fibonacci retracement level near $7,636. This would represent a 90% surge by late 2024 or early 2025.
Moreover, Ethereum’s weekly RSI, currently at 67, indicates further upside potential before reaching overbought levels, mirroring XRP’s conditions before its historic rally.
Market analyst VentureFounder predicts an even more bullish scenario, targeting $15,000 for Ethereum by May 2025. This would push Ethereum’s market cap beyond $1 trillion for the first time. “Ethereum’s setup resembles its 2016-2017 cycle, suggesting another impulse breakout,” VentureFounder noted.
Institutional Demand and ETFs Fuel Bullish Momentum
Institutional interest in Ethereum is also playing a crucial role in its bullish outlook. U.S.-based spot Ethereum ETFs have seen consistent inflows, a stark contrast to the outflows during their initial launch.
As of Dec. 6, Ethereum ETFs collectively held $1.42 billion, up from $123 million on Nov. 22. These inflows highlight growing investor confidence, particularly as Ethereum cements its status as a major asset class.
For Ethereum to maintain its bullish momentum, analysts emphasize the importance of holding $3,800 as weekly support. Successfully defending this level could pave the way for retesting its all-time high of $4,878, with further gains to follow.
Netizens React to Ethereum’s Bullish Prospects
- @CryptoHawk: “Ethereum to $7.6K? Buckle up; this ride is about to get wild! 🚀 #ETHRally”
- @InvestSmart: “ETH shows potential, but $7.6K? Let’s see if it holds $3,800 first. #Ethereum”
- @BlockchainGuru: “XRP’s 390% rally might just be the warm-up. ETH is next! #CryptoBullRun”
- @SkepticSpeak: “Ethereum to $7.6K? Sounds like more hype than substance. #CryptoCritique”
- @HodlForever: “ETH’s breakout has laser eyes written all over it. $7.6K, here we come! 🌕”
- @RiskAware: “Institutional inflows into ETH ETFs are promising, but don’t ignore the risks. #InvestSmart”
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