Ethereum Price Targeted at $6,200: Analysts See Bullish Push
The post Ethereum Price Targeted at $6,200: Analysts See Bullish Push appeared on BitcoinEthereumNews.com.
Analysts expect Ethereum price to reach between $5,000 and $6,200 by early 2025, with ETH typically likely to outperform BTC in the first quarter of the year. The Ethereum futures market has seen increased optimism, with funding rates surpassing 0.04, signaling growing demand for long positions. Ethereum (ETH) price is on a massive rally, with analysts predicting the price level will be between $6,200 and $10,000 in the next three to six months. Having lagged behind during Bitcoin’s (BTC) ascent to $100,000, ETH has picked up steam and risen 8% in one week. Moreover, it surged 28% over the last month to attain a high of $4,093.17 in early December, reported CNF. Ethereum Price Analysis: Will ETH Surge To $6,200? Ethereum price’s upward trend is driven by a combination of technical indicators and its expanding ecosystem. For instance, growth in DeFi, NFTs, and Web3 continues to capture investors’ interests. Moreover, the break above the $4,000 threshold by ETH is a critical milestone. Analysts believe it opens the way for the second-largest crypto to test and surpass its all-time high of $4,900, last achieved in November 2021. Key technical metrics point to strong bullish momentum for Ethereum price. According to Illia Otychenko, lead analyst at CEX.io, several indicators point to a continued price surge: The weekly Relative Strength Index of Ethereum crossed over its falling resistance trendline in October. In historical terms, such crossover often has marked the continuation of the upward trend of price. Moving Average Convergence Divergence (MACD) crossover was also experienced around that time with ETH showing a bullish crossover. This suggests a sustained rally for ETH price. Otychenko mentions that such conditions in the past have resulted in 100% price appreciation. Hence, he expects the ETH price to trade between $5,000 and $6,200 by early 2025 with…
Filed under: News - @ December 9, 2024 3:26 pm