Ethereum price managed to record an independent performance from its big brother Bitcoin, as Ethereum continued to rise to levels not seen in months, exceeding the $3,700 level for the first time since June, before falling back to its current levels at $3,600.
The recent surge in the price of Ethereum represents an increase of 18% over the past week, while Bitcoin has declined by 2% over the same period, reflecting Ethereum moving independently of Bitcoin after months of stagnation.
Analysts see Ethereum as having strong momentum with further upside expected.
Rekt Capital analysts indicated that a weekly close above $3,650 could push Ethereum price towards new resistance levels at $4,000, and possibly as high as $4,500.
Ethereum $ETH getting sent 🚀 pic.twitter.com/JxgnOQPniK
— Barchart (@Barchart) November 27, 2024
Analyst Wolf also emphasized the bullish nature of the Ethereum market, noting that it could cross the $15,000 barrier in the long term if it breaks the $4,000 level.
On the other hand, institutional flows into Ethereum ETFs have been increasing, with large Ethereum funds such as those of BlackRock and Fidelity recording large inflows of a combined $145.7 million on November 27, their highest level in two weeks.
These flows, coupled with the strength of technical analysis, support analysts’ expectations that Ethereum could outperform Bitcoin in the coming months with the possibility of reaching $10,000 in this cycle.