TL;DR
Ethereum (ETH) is up about 6% weekly, with analysts predicting it could rise above $4,000. Bullish on-chain indicators and positive sentiment on platforms like Telegram support the hypothesis of an upcoming resurgence.
Is it time for ETH to shine?
The crypto sector has been in free fall in recent days, with Bitcoin (BTC) at one point exceeding $73,500 and Dogecoin (DOGE) hitting a six-month high of around $0.18.
Ethereum (ETH), the second-largest digital asset in terms of market capitalization, has also been well-earned, albeit with modest gains. It is currently trading at around $2,700, representing a weekly gain of 6%.
ETH price, source: CoinGecko
Several analysts seem to believe that ETH has yet to gain traction or even outperform BTC. One person sharing this theory is X user Crypto General, who believes the asset price will break through the $2,800 resistance and “begin a parabolic move towards the $4,000 target. ”We think we are ready.
Another user, Wolf, nicknamed X, chimed in, explaining that “the 3-month ascending triangle that formed after the August scare is nearing completion.” Cryptocurrency enthusiasts see this as a harbinger of a surge above $4,000.
Last but not least, Phoenix predicted a “hate rally” for ETH in the near future. However, the analyst did not disclose specific targets.
I hope you don’t get trapped, because we’re actually somewhere here compared to a year ago$ETH is still completely behind, but if it really gets going it will be a hated rally.
Raise your goals by inserting Hopium#Ethereum https://t.co/zCy6XoXabi pic.twitter.com/h9RpHOjnuY
— Phoenix (@Phoenix_Ash3s) October 30, 2024
bullish indicators
Certain on-chain indicators also suggest that asset prices may rise in the short term. According to CryptoQuant data, net flows on ETH exchanges were mainly negative last month, suggesting a shift from centralized platforms to self-custodial means. This could reduce immediate selling pressure and be seen as a cause for optimism.
Additionally, Telegram’s sentiment regarding Ethereum has shifted towards positivism. According to IntoTheBlock, more than 30% of ETH-related messages on the app are positive, while only 2% are negative. The majority (67%) are neutral.
Optimism on social channels can create momentum and attract more retail investors, leading to short-term price increases.
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