The post Ethereum Breaks Out as Bitcoin Stays in Range: Analysts Predict a $10K Target by the End of 2024! appeared first on Coinpedia Fintech News
Ethereum is among the tokens that trade with huge stability, which helps it acquire larger highs with minimal bearish activity. The historical chart shows the token continuing its calculated rally, which has kept the momentum rising. With the latest price action, the second-largest token has displayed huge strength and the possibility of reaching the $10,000 milestone before the end of 2024.
For a pretty long time, ETH has been showing enough strength against BTC at a critical junction. With the latest move, it’s become more significant that Ethereum may lead for the next couple of weeks, with the short-term target being $3500. Now that the final deadline for the Spot Ethereum ETF is in less than 90 days, a fine bull run could initiate anytime from now on.
Besides, the ETH open interest has soared and is approaching the 2021 all-time high, which substantiates the bullish claim.
Source: Coinglass
The rise in open interest indicates a higher level of liquidity for the options contract, which makes it easier for traders to enter or exit positions at fair market prices. Besides, it also indicates new money is coming into the market, which may keep up the bullish trend for a long time. Now that the levels are approaching the 2021 highs, a rise may transform it into a strong support that will keep the prices stable in the coming days.
Furthermore, the ETH against BTC has surpassed the key resistance at 0.06 BTC, which is expected to test higher levels after the weekly RSI broke out and completed a retracement. Now that the ETH price appears to be on the rise, achieving $3500 may not be a tedious job by the end of the month. With this, the possibility of the price reaching a 5-digit figure later this year emerges, as predicted by a popular analyst, Doctor Profit.
Collectively, the altcoins have begun to soar, with bullish strength piling up within the second-largest token, Ethereum. Hence, if the trade rises at the same pace, the ETH price may even form a new ATH before the end of the first quarter of 2024.