Ethereum (ETH) is showing promising signs of a major price breakout, with traders increasingly bullish about its future. Crypto analysts and traders are closely watching the potential for ETH to hit a new all-time high in the coming days, with some speculating that it could happen as soon as next week.
On December 9, Ethereum’s chart began indicating structural shifts, which many traders interpret as a sign of an impending breakout. Ryan Adams, host of the Bankless Podcast, shared his insights on X (formerly Twitter), suggesting that Ethereum might reach a new all-time high within the next week. Ethereum’s current record high of $4,878 was set in November 2021, and according to Adams, ETH could surpass that level soon.
To hit a new all-time high within the next week, Ethereum would need a 24% weekly gain from its current price of $3,946. While such a rise may seem steep, the rapid movement in the crypto market makes such predictions plausible. Ethereum has seen impressive 66.7% growth over the past 12 months, and with market conditions becoming increasingly favorable, traders are betting on more upward momentum.
Pseudonymous trader Pentoshi echoed Adams’ bullish outlook, emphasizing that Ethereum is experiencing significant structural changes. He pointed out that ETH had just recorded its highest weekly close of the year, suggesting that the market’s momentum could drive it towards its all-time high faster than many expect.
Pentoshi also noted that the market lacks much resistance between the current price and Ethereum’s previous record, describing the all-time high as a “magnet” for ETH’s price. Once it breaks through this level, the trader believes Ethereum could enjoy a period of rapid price discovery with fewer obstacles standing in the way.
Another crypto influencer, Poseidon, also sees major upside for Ethereum, suggesting that ETH is about to break free from a long-standing range. On December 9, Poseidon shared his thoughts with his 830,900 followers on X, stating that Ethereum was on the brink of breaking out of a 1,460-day range, potentially pushing the price much higher.
Ethereum recently surpassed the $4,000 mark for the first time in nine months, which only adds to the excitement among traders. The $4,000 milestone represents a psychological barrier, and the fact that Ethereum has broken it suggests that it could soon surpass other key price levels in the near future.
The growing interest in Ethereum, especially among institutional investors, is playing a critical role in its recent rally. Ethereum has seen a surge in large ETF (Exchange-Traded Fund) flows, which many analysts attribute to the asset’s increased appeal. The addition of Ethereum ETFs, like those offered by BlackRock, is fueling further market optimism, with some expecting these institutional investments to drive Ethereum towards new highs.
In addition to the potential for a new all-time high, there’s growing speculation that Ethereum may finally outpace Bitcoin in the coming months. As noted by Benjamin Cowen, founder of Into The Cryptoverse, the long-anticipated ETH/BTC collapse may be nearing its end. Cowen believes that Ethereum will likely outperform Bitcoin over the next 6-12 months, suggesting that ETH’s price could see even more explosive growth as the market moves forward.
As Ethereum continues to break past key price levels, the cryptocurrency’s future looks increasingly promising. Traders are watching closely, with many speculating that ETH could hit a new all-time high in the next week. With structural changes signaling a major breakout and institutional flows continuing to grow, Ethereum could soon see $5,000 or higher.
While the volatility of the crypto market always presents risks, Ethereum’s recent performance and bullish outlook suggest that it’s positioning itself for more significant gains in the near future. As always, traders should be prepared for potential pullbacks but can also look forward to the possibility of substantial gains as Ethereum heads toward new highs.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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