Ethereum (ETH) Will Experience 'Massive Rally' Under This Condition (Analysts)

TL;DR

• Experts foresee a substantial upward move for eth, expecting it to quickly gain ground once btc stabilizes.
• Key on-chain metrics suggest lower selling pressure and growing investor interest, suggesting a possible bullish phase for the asset price.

eth Bull Run on the Horizon?

Despite experiencing a 14% price increase over the past week, ethereum (eth) is still lagging behind other leading cryptocurrencies. For example, bitcoin (btc) rose 22% during that period, Ripple's XRP soared 30%, and Dogecoin (DOGE) exploded by more than 100%.

According to numerous analysts, eth has yet to pump strongly. He popular investor who uses the nickname x CoinMamba <a target="_blank" class="editor-rtfLink" href="https://x.com/coinmamba/status/1856747467028459811″ target=”_blank” rel=”noopener” data-wpel-link=”external”>imagined a “massive rally” once btc stabilizes. “It will catch up very quickly,” they added.

bitcoin has been one of the market's pioneers, with its valuation skyrocketing to an all-time high of over $93,000 on November 13. In the following hours, it retreated a bit and is currently worth around $91,300 (according to data from CoinGecko). It will be interesting to see if the price will consolidate in the coming years. days and if this development be followed for the potential rise of ethereum (as predicted).

x user Skew shared a similar thesis. The merchant remembered that eth performed quite similarly during the previous bull run, but ultimately posted impressive gains.

<blockquote class="twitter-tweet”>

<a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$eth It seems to be doing the same as the last bull run.

lagged in btc and market performance for 2-3 months then broke out

you probably see something similar to that

— Skew Δ (@52kskew) <a target="_blank" href="https://twitter.com/52kskew/status/1856735362133233857?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>November 13, 2024

Other well-known industry participants who foresee a bright future for the asset include Ash crypto and crypto Beast. the first <a target="_blank" href="https://x.com/Ashcryptoreal/status/1856745104926765398″ data-wpel-link=”external” target=”_blank”>go eth will trade in the range of $10,000 to $15,000 in the next 6 to 12 months, while the latter <a target="_blank" class="editor-rtfLink" href="https://x.com/cryptobeastreal/status/1856822189850571054″ target=”_blank” rel=”noopener” data-wpel-link=”external”>place “a realistic goal” of $8,000.

What do the metrics suggest?

Some important on-chain indicators indicate that the price of the asset could indeed be on the verge of a raise. eth exchange network flowfor example, has been predominantly negative in the last month (outflows <a target="_blank" class="editor-rtfLink" href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-netflow-total?exchange=spot_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=column” target=”_blank” rel=”noopener” data-wpel-link=”external”>incomparable tickets). This development suggests a shift from centralized platforms towards self-custody methods and could be interpreted as a bullish signal as it reduces immediate selling pressure.

Next, we will focus on the “In The Money” metric: a technical analysis tool that measures the change in the number of eth investors currently making paper profits. <a target="_blank" class="editor-rtfLink" href="https://app.intotheblock.com/coin/eth” target=”_blank” rel=”noopener” data-wpel-link=”external”>According to IntoTheBlock Data, It has risen almost 2% on a 24-hour scale, which shows the bullish signal.

Lastly, large eth transaction volume (where each transaction exceeds $100,000) has increased by 5% over the same period. This activity often indicates the participation of whales, whose interaction can be seen as a positive signal from smaller players and encourage them to enter the ecosystem, that's why injecting fresh capital.

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