Article reprinted from: Biraajmaan Tamuly Cointelegraph
Ethereum’s price has been rising steadily, with the price of Ethereum’s native token ETH rising slowly and steadily over the past three weeks, up 28% since November 18. Despite a brief drop to $3,615 on December 5, ETH quickly rebounded and is now back above $4,000.
From the year-to-date high of $4,098, the 4-hour chart shows that Ethereum is still trending higher highs and lower lows. The relative strength index (RSI) indicator is also in a healthy state and has not entered the overbought area.
Breaking $4,000: A ‘paradigm shift’ for Ethereum
As Ethereum approaches breaking through $4,000, anonymous cryptocurrency analyst “Venture Founder” has proposed a higher price target for 2025. The analyst noted that Ethereum is currently consolidating in a three-year ascending triangle pattern and is approaching a new “paradigm shift.”
The analyst said:
“Ethereum could repeat its 2016-2017 impulsive breakout to new all-time highs. The target price is $15,937, expected to be achieved in May 2025.”
If ETH reaches $16,000, its total market capitalization will exceed $1 trillion for the first time. However, analysts also emphasize that Ethereum needs to find support at $3,800 on the weekly candlestick chart, which will increase the probability of retesting its all-time high of $4,878 or reaching a closer price target.
Independent trader "Honey" also pointed out that on the 1-day chart, Ethereum's "golden cross" is breaking out in the same way as in previous bull markets. He believes that ETH is in the initial stages of a "super rally" that will push its price to new all-time highs.
ETH spot ETF brings positive momentum
While the performance of Bitcoin spot ETFs stole the spotlight in 2024, Ethereum spot ETFs began to attract institutional interest at the end of the year. The financial instrument reportedly saw a record single-day inflow of $428.5 million since its launch.
Since November 18, Ethereum spot ETFs have seen inflows totaling more than $1.3 billion, with BlackRock’s iShares Ethereum Trust standing out as the standout, with inflows exceeding $500 million this week and total inflows reaching $2.6 billion.
At the same time, Ethereum’s DeFi indicators are also improving. According to DeFiLlama data, the total locked value (TVL) on the Ethereum chain reached a new year high of $77 billion on December 5.
