Ether (ETH) is due for a breakout toward $5,000, crypto analysis says, as the largest altcoin gains ground against Bitcoin (BTC).
ETH/USD 1-day chart. Source: Cointelegraph/TradingView
Ethereum “showing up to the party” with trip past $3,800
Data from Cointelegraph Markets Pro and TradingView shows daily ETH price gains of more than 5% for Dec. 4.
Ethereum is having its turn in the spotlight as Bitcoin cools its record-breaking rally.
While lingering below the $100,000 mark, BTC/USD has slipped from traders’ radar as a long-awaited “altseason” emerges.
Following snap gains for both XRP (XRP) and TRON (TRX), Ether is now leading the charge.
“$ETH finally showing up to the party,” popular trader Jelle summarized in one of his latest X posts.
On various timeframes, Jelle highlighted a key resistance/support flip that should send ETH/USD to the psychologically significant $5,000 level next.
ETH/USD chart. Source: Jelle/X
He is not alone. Other market observers, patiently waiting for Ether to copy Bitcoin’s rampant upside, have even loftier price targets.
“No matter how you look, you cannot ignore this giant cup and handle/consolidation triangle forming for Ethereum since Nov 2021: Price Target = $7,346,” fellow trader Venturefounder continued.
“And it could explode upwards like this after $ETH confirms the breakout at >$3,800.”
ETH/USD 2-week chart. Source: Venturefounder/X
Trader, analyst and entrepreneur Michaël van de Poppe flagged a bullish divergence for the ETH/BTC relative strength index (RSI) on 3-day timeframes.
“$ETH shows a ton of momentum as it’s facing its first resistance. I’m pretty happy that we’re seeing this here, and I expect we will have massive momentum from the entire Ethereum ecosystem,” he told X followers on the day.
ETH/BTC 3-day chart with RSI data. Source: Michaël van de Poppe/X
ETH price strength spills over to BTC pair
Continuing, trader and analyst Rekt Capital agreed that the resistance/support flip was going as bulls needed.
“The volatile retest is playing out perfectly. In fact, the retest of the trendline as new support appears to be successful,” he commented alongside an illustrative chart.
“Continued stability at the ~$3650 region would enable a challenge into $4000 (red).”
ETH/USD 1-week chart. Source: Rekt Capital/X
Last week, meanwhile, trading firm QCP Capital already saw ETH/USD retesting its current all-time high near $4,900.
In recent market coverage on Telegram, QCP described ETH/BTC as having “held up nicely” after a protracted period of weakness.
ETH/BTC traded at 0.039 at the time of writing, its highest since Nov. 10.
ETH/BTC 1-day chart. Source: Cointelegraph/TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
