The sentiments around Ethereum look to be very bullish at the moment as the second-largest crypto token by market cap has seen its dominance surge against Bitcoin. Ethereum’s rise against the flagship crypto token is also significant, as crypto analyst Jaydee recently suggested that it could usher in the altcoin season.
Bullish Predictions For Ethereum’s Price
Crypto analyst Ali Martinez recently highlighted the fact that Ethereum broke out from an ascending triangle on the weekly chart. According to him, the crypto token has its eyes on the $3,400 price level despite the short-term volatility. Backing Ali’s analysis, crypto analyst Mayne shared their belief that $3,400 remains a viable target for ETH’s price.
Interestingly, Mayne hinted that “ETH betas” could run alongside ETH when this significant price surge begins to happen. These ETH betas include tokens like the native tokens of Ethereum’s layer-2 networks Optimism and Arbitrum.
Crypto analyst Ash Crypto also offered a bullish prediction for ETH’s price while commenting on the state of the market. He remarked that money was currently flowing from Bitcoin to Ethereum and that it shouldn’t be long before the latter trades above $3,200.
ETH trading above the $3,000 price level looks to be the consensus going by these predictions. The CEO and founder of MN Trading, Michaël van de Poppe, had before now suggested that ETH was also going to rise above $3,000 on its way to $3,500. Then, Poppe boldly claimed that this price prediction would materialize in the first quarter of 2024.
Meanwhile, crypto analyst ColdBloodedShill stated in a recent X post that ETH is likely planning for higher prices as long as it remains above $2,400. The $2,400 price range looks to be an important support level as ETH looks to break out. Crypto analyst Bluntz Capital also highlighted that price range ($2,495 specifically) as he noted that there will be an eventual breakout as long as ETH holds above that level.
ETH bulls struggle at $2,500 | Source: ETHUSD on Tradingview.com
Conviction On Ethereum Getting Stronger
Market intelligence platform Santiment recently revealed that the number of new ETH addresses is on the rise as Ethereum continues to outperform Bitcoin. 89.4 thousand addresses are said to have been created daily during this stretch. This represents a significant increase from late last year, when 70.4 addresses were created daily in early November.
Santiment also added that ETH’s supply on exchanges had reduced drastically to 8.10%, almost getting close to its all-time low (since the opening week of trading) of 8.05%. Such a development usually suggests that ETH holders are looking to hold for the long term as they move their holdings to self-custody.