The sentiment surrounding Ethereum appears to be extremely bullish at the moment, as the second-largest cryptocurrency by market capitalization has witnessed its dominance rise against Bitcoin. This surge in Ethereum’s dominance is not only significant on its own but also seen as a potential indicator of the upcoming altcoin season, according to crypto analyst Jaydee.
Crypto analyst Ali Martinez recently pointed out that Ethereum broke out from an ascending triangle pattern on the weekly chart. He believes that the cryptocurrency has set its sights on the $3,400 price level, despite short-term volatility. This analysis is supported by crypto analyst Mayne, who also considers $3,400 a feasible target for ETH’s price. Mayne suggested that “ETH betas,” including tokens like Optimism and Arbitrum, could run alongside Ethereum when this significant price surge occurs.
Crypto analyst Ash Crypto offered a bullish prediction for Ethereum’s price, noting that money was currently flowing from Bitcoin to Ethereum. He predicted that it would not be long before Ethereum trades above $3,200. These predictions align with the CEO and founder of MN Trading, Michaël van de Poppe, who had previously suggested that ETH would rise above $3,000 and potentially reach $3,500 by the first quarter of 2024. Additionally, crypto analyst ColdBloodedShill stated that ETH is preparing for higher prices as long as it remains above the $2,400 support level. Another analyst, Bluntz Capital, also emphasized the significance of the $2,495 range and predicted an eventual breakout as long as Ethereum holds above that level.
Market intelligence platform Santiment recently reported that the number of new Ethereum addresses has been increasing, indicating growing interest in the cryptocurrency. During this period, an average of 89.4 thousand addresses are being created daily. This represents a notable increase from the early November figures, where only 70.4 addresses were created daily. Additionally, Santiment revealed that the supply of ETH on exchanges has drastically decreased to 8.10%, approaching its all-time low since the opening week of trading of 8.05%. This decline in supply suggests that Ethereum holders are increasingly opting for long-term investments and are moving their holdings to self-custody.
The current market sentiment surrounding Ethereum is overwhelmingly positive, with experts predicting further price increases and a promising future for the cryptocurrency. The dominance of Ethereum over Bitcoin, its potential target price of $3,400, and the rising number of ETH addresses all contribute to the bullish outlook. However, as with any investment, it is essential to conduct thorough research and consider the associated risks before making any investment decisions.
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