ethereum price saw a sharp breakout on November 27 as bitcoin and most altcoins recovered after days in the red.
ethereum (eth), the second-largest cryptocurrency, jumped to $3,690, its highest level since June 10. It has soared 70% from its lowest level this month, and one popular analyst expects it to hit $10,000 in this bull run.
In a post <a target="_blank" href="https://x.com/ali_charts/status/1861917671333216569″ target=”_blank” rel=”nofollow”>Ali MartinezA popular crypto analyst with almost 100,000 x followers estimated that the coin will reach $6,000 this cycle. His long-term vision is that the price of eth will eventually jump to $10,000. If your opinion is accurate, it means that the coin will jump 65% and 176%.
Ali's prediction is based on the trend regression on the daily chart from its lowest level in January last year.
Daan crypto Trades, another popular analyst, estimated that eth price was also preparing for another bull run. It expects it to perform best in the first quarter of next year based on its historical trends.
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The current bullish ethereum price forecast is largely contrarian, as the coin has underperformed most of its peers this year. Its spot ETFs are also not seeing substantial traction, with cumulative inflows of $240 million. bitcoin inflows amount to more than $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 handled $68 billion worth of volume in the last 30 days compared to $126 billion for Solana.
ethereum Price Has Strong Technicals
<img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/11/ethereum-price-2.png” alt=”ethereum price”/>
The daily chart shows that the eth price has been performing well in recent days. It just formed a golden cross pattern when the 50-day and 200-day exponential moving averages crossed. This is one of the most popular bullish patterns in the market.
ethereum price has also jumped above the crucial resistance point of $3,558, its highest level on July 21. Additionally, the Percentage Price Oscillator and Relative Strength Index have moved higher.
Therefore, the short-term outlook is where eth jumps out and retests its year-to-date high of $4,088. A break above that level will indicate further gains, and the next point to watch will be the psychological level of $5,000. This view will become invalid if it falls below the $3,100 support.
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