- If Ethereum mirrors XRP’s rise, it might reach the 1.618 Fibonacci level, targeting a price of $7,636.
- Potential 90% increase in Ethereum’s price projected by December 2024 or January 2025 following XRP’s pattern.
Ethereum, the leading altcoin, is currently mirroring a significant price trajectory similar to that experienced by XRP last November, which could potentially see its value skyrocket to $7,600 in the near future.
This comparison arises as Ether exits a symmetrical triangle pattern that resembles the one preceding XRP’s sharp rise from approximately $0.50 to around $2.90 within a month.
During November, XRP broke out of a six-year-long symmetrical triangle pattern, initiating a parabolic rally that pushed its price well beyond the $2.94 mark.
This price point coincides with XRP’s 1.618 Fibonacci retracement level, which acted as resistance as of December 7. Ethereum is showing similar market movements; in the week ending December 8, it broke above the upper trendline of its three-year symmetrical triangle pattern.
If Ethereum emulates XRP’s rapid price increase, it may reach the 1.618 Fibonacci retracement level, estimated at $7,636. This scenario could result in a 90% increase in Ethereum’s price by December 2024 or January 2025.
Currently, Ethereum’s weekly Relative Strength Index (RSI) stands at 67, indicating potential for further price appreciation before it hits the overbought mark of 70. This RSI level is comparable to that observed before the notable rise in XRP’s price.
This $ETH breakout out of the triangle consolidation is very significant.
Now #Ethereum only has to close this weekly candle bullish, and we may never revisit this sub $4,000 level again in this bull cycle.
The impulse move from 2016-2017 is repeating.
PT: $15,937 by May 2025 pic.twitter.com/dNzcO3mPe1
— venturefounder (@venturefounder) December 6, 2024
Furthermore, market analyst “VentureFounder” anticipates a significant “impulsive breakout” for Ethereum in the coming months. Drawing parallels to Ethereum’s 2016-2017 cycle, the analyst predicts a repeat of the explosive movement that previously drove ETH to record highs.
VentureFounder sets a price target for ETH at $15,937 by May 2025, potentially elevating Ethereum’s market capitalization above one trillion dollars for the first time.
As expected, $3,800 #Ethereum had been retested yesterday and was made support
Now $ETH is headed to $4,639 briefly then $5,349 as the first two immediate price targets after the massive cup-and-handle breakout.
I remain confident of my calls for $7,238 by Q1 2025 latest. pic.twitter.com/aYc7Ga4BZG
— venturefounder (@venturefounder) December 6, 2024
For this bullish scenario to unfold, it is crucial for Ethereum to maintain $3,800 as a weekly support level. Successfully holding this price would likely lead to a retest of its all-time high of $4,878 in the short term, with further increases possible thereafter.
Amid these optimistic projections for Ether, there has been a noticeable rise in inflows into U.S.-based spot Ethereum exchange-traded funds (ETFs).
As of December 6, these funds managed approximately $1.42 billion in Ether, marking a substantial increase from $123 million on November 22.
Notably, these funds have seen consistent inflows, discounting the Thanksgiving holiday period, suggesting a robust investment interest in Ethereum.
Ethereum (ETH) is currently priced at $4,001.7, reflecting a slight gain of 0.04%. The recent breach of the $4,000 resistance level marks a significant bullish signal, supported by a “golden cross” on the daily chart.
With a market cap of $482 billion and a 24-hour trading volume of $21.15 billion, Ethereum is showing strong momentum. Key support levels are around $3,800, while resistance lies at $4,200.
Analysts project further growth, targeting $5,000 or higher if current trends persist.
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