#ETHOnTheRise ETH Breaks Historical Barrier, Is the Market Awaiting a Major Bull Wave?
Ethereum (ETH) has made a significant breakthrough by surpassing long-term resistance, which had previously caused a sharp decline in its price during the 2022 bear market. This development is regarded as a major turning point, marking the end of a three-year accumulation phase and opening up potential for a strong bull cycle.
Technical analysis and price forecast
1. Long-term symmetrical triangle has been broken
• ETH has surpassed the $3,800 resistance level, completing a symmetrical triangle pattern on the weekly chart.
• The current price is around $3,669, up 47% just in November.
• Analyst Quinten Francois calls this the awakening of Ethereum after a period of 'hibernation.'
2. 'Cup and handle' shape
• Venturefounder believes ETH is forming a complete 'cup and handle' pattern.
• If the $3,800 level becomes strong support, the next price target could reach between $5,349 and $7,238 by the end of Q1/2025. This corresponds to an increase of nearly 97% compared to the current price.
3. Potential cycle peak
• According to Titan of Crypto, if history repeats itself, ETH could peak in this cycle at $7,800 to $9,900.
• With Fibonacci levels, the $10,000 target is not impossible in this cycle.
Supporting factors
1. Institutional inflows and whale accumulation
• Ethereum ETF: ETH ETF funds have recorded record inflows, with over $332.9 million in just one day, with iShares Ethereum (BlackRock) and Fidelity contributing the majority.
• Whale activity: Whales holding between 100,000 and 1 million ETH have purchased an additional 280,000 ETH (about $1 billion) in the last four days.
2. High open interest
• ETH futures on CME reached the highest open interest ever ($2.8 billion).
• Futures premium rises 14%, indicating the optimistic sentiment of investors.
3. Macroeconomic support factors
• The DXY index (Dollar Index) remains an important factor. If the US dollar weakens, this could act as a catalyst for ETH price explosion.
Conclusion
With strong technical momentum, support from institutional inflows, and positive macro trends, Ethereum is in a favorable position to continue its upward trajectory. However, external factors such as the global economic situation and the strength of the dollar need to be closely monitored.
Short-term price targets ($5,349 - $7,238) and long-term ($7,800 - $10,000) are gradually becoming a reality, especially if the $3,800 threshold is consolidated as strong support. This could be a good opportunity for medium- and long-term investors.
#ETHETFS
#eth $ETH
