Rainbow chart of Ethereum predicts ETH price in 2025/1/1
Ethereum (ETH) is experiencing price breakouts on the weekly timeframe as the decentralized financial asset (DeFi) targets the all-important $43500 mark, allowing it to trade comfortably at the $4000 resistance level.
The sustainability of this new momentum is a key concern for the #cryptocurrency market as a whole, as it is seen as a precursor to the start of the altcoin season in 2025.
It is worth noting that at the time of publication, #Ethereum was trading at 3,569, up more than 1% in the last 24 hours. On the weekly chart, #ETH is up nearly 8%.
Can the Thanksgiving rally finally push bitcoin toward the 100,000 mark?
According to Finbold, after the recent surge, some analysts are giving uncertain forecasts for the asset.
For example, after temporarily breaking the well-known resistance level of $3,600, well-known cryptocurrency analyst Ali Martinez set a short-term target for ETH at between 6 and 6,000. The move could boost confidence in altcoins this season.
To confirm the altcoin's growth potential, Ethereum will need to build on its current gains between 2024 and New Year's Day. To that end, Ethereum's rainbow chart, which is popular among investors and traders, gives a glimpse of what to expect on the first day of 2025.
The chart visualizes historical eth price data on a logarithmic scale and uses colored bars to represent different price ranges, from "Immediate sell-off" at the bottom to "Maximum bubble territory" at the top.
This data is intended to help investors evaluate Ethereum's current price compared to past performance and offer potential price targets for the future.
At the time the chart was published, Ethereum was in the stable zone, fluctuating between 2,854 and 4,4123.
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