Ethereum is finally moving independently from its big brother, Bitcoin, which has corrected over the past week.
As a result, ETH prices hit $3,682 during early trading in Asia on Thursday, its highest level since June 10. This culminated in an 18% gain over the past week. Conversely, Bitcoin has declined by 2% over the past seven days.
Ethereum had retreated to $3,600 at the time of writing, but it appears to have awakened after months of slumber.
Ethereum $ETH getting sent pic.twitter.com/JxgnOQPniK
— Barchart (@Barchart) November 27, 2024
ETH Retuns to Summer Highs
Crypto analyst Rekt Capital commented that Bitcoin’s range between $91,000 and $100,000 “may very well be a recipe for Ethereum to take the lead and enable money flow into smaller Altcoins.”
In a separate post, he said that ETH would need a weekly close above $3,650 for it to break out from previous highs in June.
He added that this would enable ETH to target resistance at $4,000 before adding, “Historically, such weekly closes inside the red resistance have preceded strong upsides,” which could see the asset reach $4,500.
Ethereum will need to Weekly Close above ~$3650
Why?
In order for it to breakout from its light blue pattern
So as to later position itself for a Weekly Close within the $4000 resistance (red box)
Historically, such Weekly Closes inside the red resistance have preceded… pic.twitter.com/fQCJSJTQkV
— Rekt Capital (@rektcapital) November 27, 2024
Engineer and analyst ‘Wolf’ echoed the sentiment to his 107,000 X followers on Nov. 28. “No matter how you look at the$ETH chart, it’s incredibly bullish,” he said before adding:
“One way to view it is as a 3-year cup and handle, with major resistance at $4k. Once that’s cleared, a measured move places it north of $15k.”
Meanwhile, investor and entrepreneur Ted Pillows said ETH was forming an inverse head and shoulder pattern and showing strength despite BTC’s decline before predicting:
“I personally think ETH will outperform BTC over the next 4-6 months, and I’m betting heavily on it. $10,000+ ETH is programmed this cycle.”
The Ethereum bull-posting follows months of FUD from Bitcoin maxis and Solana disciples asserting that the network and asset were dead.
Ethereum ETFs Driving Momentum
Institutional investors appear to be leading the charge with spot Ether ETFs in the United States, which have seen large inflows recently.
According to preliminary data from Farside Investors, the nine funds saw an aggregate inflow of $145.7 million on Nov. 27, their highest for a fortnight.
BlackRock’s ETHA fund led the pack with $55.6 million inflows, followed by Fidelity’s FETH with $38 million and the Grayscale mini Ethereum Trust (ETH) with $37.3 million.
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