Ethereum is huge, and ETH is a market-swinging digital asset that’s being closely monitored.
As Ethereum takes the lead, defining DeFi and NFTs, analysts place ETH above BTC as a potent coin with more upsides. Fundamentally, it is easy to see why.
Of the over $270 billion under management in various DeFi protocols, more than $180 billion is in Ethereum. That’s the lion’s share, highlighting its significance.
Even so, the current blemish is on Gas. However, the rise of Layer-2—presently over $5 billion is under management—is a glimpse of hope of what lies ahead.
Ethereum Market Performance and Price Status
Technically, the jostling for Ethereum and ultra-high demand for block space is propelling ETH to new all-time highs.
From the ETH/USDT technical analysis of the daily chart, buyers are in the driving seat and guiding the coin to unchartered territory above $4.8k.
Notably, ETH prices are in a bullish breakout pattern with rising trading volumes signaling participation. Additionally, the demand for ETH is high, explaining the near-perpendicular expansion of prices as the middle BB stays put, defending buyers.
Expanding on the possible target in the medium term, ETH buyers may race above the immediate psychological resistance level at $5k.
A lift-off beyond this line would be a founding block for the next leg up towards $6.6k—the 1.618 Fibonacci extension level of the H1 2021 trade range.
Therefore, for these lofty targets to be met and breached, ETH/USDT trading volumes should be picking up with every higher high, as has been the case in the past few weeks.
ETH/USDT to $10k by End Year
On Twitter, one trader thinks the lift-off of Bitcoin to $100k would be the triggers that will also see ETH expand to five figures at $10k.
Which one will happen first?
— Ash WSB 🍥 (@ashwsbreal) November 8, 2021
Many analysts are positive ETH is grossly undervalued at spot rates.
Their consensus is that ETH would more than double from spot rates to reach $10k in the medium term, even by the end of the year.
Optimistic as this may be, the primary drivers lie on FOMO, the performance of Bitcoin, and project-specific fundamental factors like the success of shifting to Proof-of-Stake or the adoption of Layer-2.
Already, another trader on Twitter thinks ETH—and Bitcoin—may post exponential gains through to next year, reading from trading data.
Ethereum traders placing huge bets on a massive price increase by late March. pic.twitter.com/nhPkXkWQZk
— Ray Meyers (@EvilBadger3) November 8, 2021
Most traders, he observes, expect prices to lift off, blasting above crucial resistance levels. Presently, Ethereum strike prices for March 2022 is between $6.2k and $30k.
ETH Has a Global Target at $8k
A trader on Twitter is modest though bullish calling for a near 2X from spot rates.
However, while bullish, he predicts the ETH/USDT price to consolidate, trading in a sideways movement above $4.7k.
The price went from $3900 to $4700 and printed +40% profit!
Ether must consolidate above the $4700 support for a bit and then go further upwards. The global target remains the same — $8000.
— 8,731-541🎯 (96.6%) / #1 CRYPTO SIGNALS🌎/ DM OPEN (@BinanceKiller) November 9, 2021
Historically, price consolidations around all-time highs force weak hands to liquidate, subsequently shaking off weak hands.
The result often sees whales scoop at lower prices charging the next leg up.
If the analyst’s prediction comes through and ETH/USDT accumulates, the probability of ETH prices shooting above $5k and $6k to even $8k would be high.
Ethereum Can Jump to $8.2k
On YouTube, one trader holds that ETH prices can reach as high as$8.2k. However, this is only once buyers overcome barriers on their way up.
Those lines stand at around $5.3k, $7.6k, and later $8.2k. It is deriving them from the Fibonacci extension of the recent swing high low.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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