The world’s second-largest cryptocurrency Ethereum (ETH) joins the Bitcoin market rally past $40,000. At press time, ETH is trading 2.54% up at a price of $2,212 with a market cap of $266 billion. With this move, ETH has also extended its weekly gains to more than 9%.
Ethereum Mega Rally to $3,500?
Reports suggest that Ethereum’s mega price rally shall continue going ahead amid its recent breakout past $2,200.
Renowned crypto analyst Ali Martinez suggests that the current Ethereum (ETH) price surpassing $2,000 presents a potentially favorable buying opportunity. Martinez points to data provided by IntoTheBlock, indicating that a substantial volume of tokens, specifically 43.8 million ETH, were acquired in the range of $1,900 to $2,100 by 5.85 million wallets.
This data leads Martinez to propose that this particular price range may evolve into a significant support level for Ethereum in the years to come. Hence, Martinez asserts that it may not be too late for investors to consider entering the Ethereum market.
Crypto analyst Ali Martinez further anticipates a promising trajectory for Ethereum (ETH) if the cryptocurrency achieves a consistent weekly candlestick close above $2,150. In such a scenario, Martinez envisions the potential for an exciting uptrend in the price of ETH.
Martinez outlines specific targets for Ethereum, suggesting that the cryptocurrency could rally towards $2,600, with the possibility of reaching even higher levels, potentially soaring to $3,500. This analysis further points to a bullish outlook for Ethereum in the coming period.
What Happens to the ETH Price In December?
In the recent surge, Ethereum’s price exceeded the critical resistance level of $2,133, indicating a potential for further upward movement driven by buyers. Although experiencing a minor intraday decline of 0.5%, a potential retest of the previously surpassed resistance holds significance. Confirming this level as new support could affirm the buyer’s capability to maintain elevated price levels.
In a long-term comparative analysis between Bitcoin and Ethereum, it becomes evident that both cryptocurrencies have experienced significant momentum since mid-October. Notably, Bitcoin’s price recovery stands out, showcasing a more robust performance marked by a consistent pattern of achieving higher highs and lows.
On the other hand, the Ethereum blockchain continues to make key progress while slashing its energy use by a staggering 99% in the latest sustainability report.