Bullish Predictions for Ethereum’s Price
Crypto analysts have made optimistic predictions for the price of Ethereum (ETH). Ali Martinez pointed out that ETH broke out from an ascending triangle on the weekly chart and has its sights set on reaching $3,400. Another analyst, Mayne, also believes that $3,400 is a viable target for ETH’s price. Additionally, Mayne suggested that “ETH betas,” such as tokens from Ethereum’s layer-2 networks Optimism and Arbitrum, could run alongside ETH during this significant price surge. Ash Crypto commented that money is flowing from Bitcoin to Ethereum and predicted that ETH will soon trade above $3,200.
Consensus on ETH Price Above $3,000
Based on these predictions, it seems likely that ETH will surpass the $3,000 price level. Michaël van de Poppe previously forecasted a rise to $3,500 in the first quarter of 2024. Meanwhile, ColdBloodedShill believes that as long as ETH remains above $2,400, it is planning for higher prices. Bluntz Capital also highlighted the importance of the $2,495 support level and expects an eventual breakout if ETH holds above it.
ETH Supply on Exchanges Decreases
The supply of ETH on exchanges has significantly decreased to 8.10%, nearing its all-time low of 8.05%. This suggests that ETH holders are moving their assets to self-custody and holding for the long term.
Hot Take: Ethereum Gains Dominance Over Bitcoin
The recent surge in Ethereum’s dominance over Bitcoin indicates a bullish sentiment towards the altcoin. Analysts believe that this could potentially usher in the altcoin season and lead to further price increases for Ethereum.
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