Top analyst explains why Ethereum price could hit $10,000

Ethereum price made a strong rise on November 27 as Bitcoin and most altcoins rebounded after having red days.

Ethereum (ETH), the second-largest cryptocurrency, rose to $3,690, its highest level since June 10. It is up 70% from its lows this month, and one popular analyst expects the price to reach $10,000 in this bull run.

Ali Martinex, a popular crypto analyst with nearly 100,000 X followers, predicted in an X post that the cryptocurrency will reach $6,000 this cycle. His long-term view is that the ETH price will eventually rise to $10,000. If his view is correct, this means the coin will rise by 65% ​​and 176%.

Ali’s prediction is based on a trend decline on the daily chart from the low in January last year.

Another popular analyst, Daan Crypto Trades, predicted that ETH price is also preparing for another bull run. Based on historical trends, it expects it to perform best in the first quarter of next year.

$ETH It’s on track to have a good Q4 so far.

In general, Q1 is when ETH really shines and also when ETH/BTC tends to outperform.

Let’s see if it will be different this time. pic.twitter.com/WYFWCTjd2U

— Daan Crypto Trading (@DaanCrypto) 28 November 2024

The ongoing bullish Ethereum price prediction is largely contradictory as the coin has underperformed most of its peers this year. Spot ETFs are also not attracting significant interest as cumulative inflows are at $240 million. Bitcoin’s inflow is over $27 billion.

There are also signs that Ethereum is losing market share to Solana (SOL). Data from DeFi Llama shows that DEX protocols on Ethereum have processed $68 billion worth of volume in the last 30 days, while Solana is worth $126 billion.

Ethereum price has strong technicals ETH chart | source: crypto.news

The daily chart shows that the ETH price has performed well over the past few days. A golden cross pattern was formed as the 50-day and 200-day Exponential Moving Averages crossed each other. This is one of the most popular bullish patterns in the market.

Ethereum price also broke above the critical resistance point of $3,558, the high on July 21. Additionally, the Percentage Price Oscillator and the Relative Strength Index also moved upward.

Therefore, the short-term outlook is for ETH to rebound and retest its year-to-date high at $4,088. A break above this level will indicate more gains and the next point to watch is the psychological $5,000 level. This view will become invalid if it breaks below the $3,100 support.