Ethereum (ETH) has
Technical analysis and price forecast
1. Long-term symmetrical triangle broken
• ETH has broken through the resistance level of $3,800, completing a symmetrical triangle pattern on the weekly chart.
• Current price is approximately $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” pattern
• Venturefounder believes ETH is forming a complete “cup and handle” pattern.
• If the $3,800 level becomes a strong support, the next price target could reach from $5,349 to $7,238 by the end of Q1/2025. This is equivalent to an increase of nearly 97% from the current price.
3. Potential cycle peak
• According to Titan of Crypto, if history repeats itself, ETH could reach a cycle peak at $7,800 to $9,900.
• With Fibonacci levels, the $10,000 target is not impossible in this cycle.
Supporting factors
1. Institutional cash flow and whale accumulation
• Ethereum ETF: ETH ETF funds recorded record cash flow, 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 to 1 million ETH have purchased an additional 280,000 ETH (approximately $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 increases by 14%, indicating bullish sentiment among investors.
3. Macroeconomic supporting 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 cash flows, and positive macro trends, Ethereum is in a favorable position to continue its upward trend. 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 level is reinforced as strong support. This could be a good opportunity for medium and long-term investors.
