According to crypto analyst Yashu Gola, the leading altcoin is emerging from a similar symmetrical triangle pattern that has pushed XRP Coin prices from about $0.50 to about $2.90 in a month. The analyst takes a close look at ETH’s technical picture and indicators.
Is the XRP Coin fractal pushing ETH price to $7,600!
As you have been following on Kriptokoin.com, XRP Coin made a strong rally in November. The XRP price rose from around $0.50 to over $2.94. The token made this parabolic rally after breaking out of a symmetrical triangle pattern that formed in six years. The $2.94 level is aligned with XRP’s 1,618 Fibonacci retracement level and was acting as resistance as of 7 December.
Ethereum is going through a breakout trend similar to that of XRP. ETH broke above the upper trendline of a three-year symmetrical triangle pattern this week. If the leading altcoin price repeats XRP’s parabolic trend, it will likely climb towards the 1,618 Fibonacci retracement level around $7,636. In other words, it will rally 90% by December 2024 or January 2025.
Ether’s weekly relative strength index (RSI) is currently around 67. This suggests that there is still room for further upside before the market reaches the overbought threshold of 70. It was also at the same level before the XRP Coin price broke out.
ETH will reach $ 15,000 by 2025 May!
Market analyst ‘VentureFounder’ predicts an ‘impulse break’ for Ethereum in the coming months. The analyst points out the similarities between Ethereum’s current situation and the 2016-2017 cycle. In this context, he predicts a repeat of the explosive movement that took ETH to new highs during that period.
VentureFounder’s ETH price target is $15,937 by May 2025. This will increase Ethereum’s market capitalisation to over $1 trillion for the first time in history. The analyst emphasised the importance of Ethereum holding $3,800 as weekly support for this bull scenario to materialise. Successfully maintaining this level will increase the likelihood of retesting the all-time high of $4,878 in the short term. Also, this will be followed by further upside.
Inflows in Spot Ethereum ETFs support the bullish outlook!
Ethereum’s bullish outlooks are emerging amid steadily increasing inflows in spot Ethereum ETFs. Also, this marks a sharp reversal from the net outflows observed during the initial launch phase. As of 6 December, these funds held about $1.42 billion worth of Ether under management. This figure showed a significant increase from $123 million on 22 November. Notably, these funds saw consistent inflows during this period, not counting the Thanksgiving holiday.
The opinions and forecasts in the article are those of analysts and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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