Ethereum Set For A Parabolic Surge? Here’s What Crypto Experts Say

by

As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of trends and cycles. However, the cryptocurrency landscape is still relatively new, and it continues to surprise me with its rapid growth and volatility.

Even though Ethereum (ETH) has increased by over 65% so far in the year, it has been outshone by Bitcoin (BTC), Solana (SOL), and XRP because of their remarkable price surges in 2024.

Enthusiasm among analysts regarding Ethereum (ETH) is growing significantly, with many predicting that its value could reach multiple figures, making it one of the top cryptocurrencies.

Ethereum To Finally Get Its Moment?

In the year 2024, the top smart contract platform showed a more restrained growth compared to other years. On New Year’s Day, Ethereum was exchanged at approximately $2,350, which represented an increase from its initial price of slightly less than $3,800. This surge resulted in an impressive gain exceeding 65%.

In the world of cryptocurrencies, a 65% annual rise is considered typical, especially during a bull run. Now, there’s growing consensus among crypto analysts that Ethereum’s breakthrough point could be imminent.

To illustrate, renowned crypto expert and investor @CryptoKaleo recently stated about X that they believe Ethereum will reach a whopping $15,000 – which is over three times its current value. Furthermore, this analyst anticipates that the ETH/BTC trading ratio could soar to 0.1 by January 2025.

In simpler terms, the ETH/BTC ratio refers to Ethereum’s performance compared to Bitcoin. When this ratio is larger, it means Ethereum is doing better than Bitcoin; on the other hand, a smaller ratio implies Bitcoin is performing better than Ethereum.

Examining the chart for the past week, Ethereum (ETH) has been moving downward compared to Bitcoin (BTC) since at least September 2022, signifying a prolonged downtrend. Interestingly, the ETH/BTC pair currently finds itself near a significant support level that hasn’t been seen for many years, approximately 0.038. Analysts predict a potential reversal of this trend in the upcoming weeks, with ETH possibly rebounding against BTC.

In a more concise time span, the crypto analyst @TheLongInvestor observed that Ethereum (ETH) has reclaimed its upper trendline in a symmetrical triangle pattern on the daily chart. The expert speculates that if ETH surpasses $4,100, it may attempt to reach its previous record high of $4,865.

ETH Funding Rates Back To Neutral Levels

A noteworthy insight emerges from the analysis of crypto expert Byzantine General, who points out that while Ether’s (ETH) price has been consistently increasing, its future contracts and perpetual swap funding fees have returned to balanced or normal levels.

To put it another way, the current market situation suggests that ETH’s continuous increase in value isn’t due to excessive speculation or heavy long positions. Instead, this stability could signal improved market health and a possible continuation of growth, all while minimizing the risk of abrupt volatility caused by high leverage.

In addition to promising chart trends, the foundation of ETH is growing stronger. A recent analysis revealed a substantial rise in Ethereum’s staking inflows, adding credence to its enduring worth proposition. Currently, ETH is valued at $3,925, marking a 0.8% decrease over the past day.

Read More

2024-12-14 12:41