Ethereum ecosystem revives: Will ETH reach $6,000?

Ethereum (ETH), which took action on the last trading day of the week, entered the weekend above $3,000 with a potential breakout.

Altcoin craze has begun in the crypto market. Many altcoins approached potential resistance points with increases of 20 percent to 30 percent. ETH, which has been below expectations for a long time, paved the way for altcoins. The pioneer of altcoins has increased by nearly 5 percent in the last 24 hours and exceeded $3,000.

According to an analysis compiled by Cointelegraph, ETH is repeating price movements in past cycles. This situation could lead ETH to a potential rally. The analysis predicted that ETH will increase by over 100 percent by the first quarter of 2025.

According to the Ethereum (ETH) analysis, the ETH price could reach a level between $6,000 and $6,500 by the end of the year.

In these days when institutions are accumulating Bitcoin through spot ETFs, spot Ethereum ETFs traded in the US could not meet expectations. Nevertheless, spot ETH ETFs hosted a positive net flow of $ 132 million between November 6 and November 7.

ETH, which also returned to positive flow in ETFs, has become the center of attention in the crypto market. Crypto analysts claimed that ETH will realize the price movement expected for months.

MN Consultancy founder Michael van de Poppe predicted that ETH will continue to rise in a chart analysis he published on X. Sharing his analysis with the title “A big candle on the ETH chart”, Poppe noted the following;

“There has been more than $ 230 million inflow into Ethereum since the elections and ETH is on the rise again. I think Ethereum is performing better than Bitcoin.”

Venture capitalist Henrique Centieiro claimed that Ethereum has now entered “scarcity mode”. According to Centieiro’s prediction, there will be a demand explosion in the supply of ETH and a supply shortage on exchanges. This situation will push $ETH to rally.

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