Ethereum Eyes $10,000 as Second Bull Run Takes Shape Analyst
Ethereum (ETH) continued to trade strongly on Thursday, sustaining its bullish momentum after it broke past minor resistance at $3,480 earlier this week. The cryptocurrency has seen a 36% gain over the past month, pushing its market capitalization to approximately $435 billion.
Notably, amid this rally, analysts are forecasting even greater price heights, with growing optimism about the cryptocurrencys potential as the year comes to an end.
CryptoQuant analyst Crypto SunMoon identified Ethereums current rally as the beginning of its secondary bull run. In a tweet, the analyst chart highlighted previous bull cycles, showing that Ethereum has consistently exceeded its earlier price peaks during subsequent rallies.
Ethereums secondary bull run has begun. Historically, Ethereums second bull cycle has always significantly surpassed the price levels achieved in the first cycle. He noted. This historical insight suggests the potential for substantial growth ahead, with past trends supporting bullish price projections for ETH.
On the technical front, analyst Ali Martinez noted that Ethereums multi-year ascending price channel remains strong. He highlighted that recent trading activity has successfully broken through key resistance levels in the $2,800$3,000 range, setting up ETH for further gains.
Our mid-term target forETH remains $6,000 Long-term target: $10,000, wrote Martinez.
On the longer time horizon, analyst CryptoWolf shared a bold prediction. He pointed to a three-year triangle consolidation pattern in Ethereums price chart, starting in November 2021, and a cup and handle pattern stating that a breakout could target $20,000.
No matter how you look at the ETH chart, its incredibly bullish. One way to view it is as a 3-year cup and handle, with major resistance at $4k. Once thats cleared, a measured move places it north of $15k. Its the most asymmetric bet you can make right now, he tweeted.
Meanwhile, CryptoQuant analyst JA Maartun noted that Ethereums open interest had hit an all-time high of $16.8 billion, with a 24-hour increase of 19%. Maartun viewed this as a signal of increased investor interest in purchasing Ethereum, tweeting, Popcorn ready? This guarantees heavy fireworks.
This update comes after the pundit warned of increased market risks. Just a day earlier, he had stated that Ethereums price surge was being fueled by leveraged positions, indicating heightened risk in the market. This often presents a strong short-term shorting opportunity.
At press time, ETH was trading at $3,605, reflecting a 4.84% surge over the past 24 hours.
Read more: https://zycrypto.com/ethereum-eyes-10000-as-second-bull-run-takes-shape-analyst-claims/
Text source: ZyCrypto
