A robust technical chart breach positions Ethereum for an additional 60% price increase from its current levels.
Ethereum (ETH), the second-largest cryptocurrency in the world, joins the Bitcoin market upswing above $40,000.
At press time, ETH is trading 2.54% higher at $2,212 with a market cap of $266 billion.
With this action, ETH has increased its weekly gains to over 9%.
Ethereum Mega Rally to $3,500?
In light of its recent breakout above $2,200, reports indicate that Ethereum’s mega price increase will continue going ahead.
Ali Martinez, a renowned crypto analyst, suggests that the present Ethereum (ETH) price surge exceeding $2,000 signifies a potentially favorable moment to purchase.
Martinez cites information from IntoTheBlock indicating that 5.85 million wallets acquired a significant quantity of tokens, specifically 43.8 million ETH, for a price range of $1,900 to $2,100.
Based on this information, Martinez hypothesizes that this specific price range could develop into a substantial Ethereum support level in the coming years.
Therefore, Martinez argues that investors might still have time to contemplate investing in the Ethereum market.
Crypto analyst Ali Martinez predicts that Ethereum (ETH) will experience a positive trend in the future if it maintains a weekly candlestick close above $2,150.
Martinez anticipates that the price of ETH could experience a thrilling uptrend under such conditions.
Martinez outlines precise objectives for Ethereum, positing that the digital currency might ascend to $2,600, potentially surpassing that threshold and ascending to $3,500.
Additionally, this analysis indicates a positive trajectory for Ethereum in the foreseeable future.
What Happens to the ETH Price In December?
The recent advance in the price of Ethereum surpassed the critical resistance level of $2,133, suggesting that buyers may continue to propel the cryptocurrency higher.
Despite a slight intraday decline of 0.5%, the possibility of a retest of the resistance level that was previously surpassed remains significant.
The buyer’s capacity to sustain elevated price levels could be validated by confirming this level as new support.
Upon conducting a long-term comparative analysis between Bitcoin and Ethereum, it becomes apparent that both cryptocurrencies have gained substantial momentum since mid-October.
Bitcoin’s price recovery is particularly noteworthy, as it demonstrates a more resilient performance characterized by a consistent trend of attaining elevated highs and lows.
In contrast, according to the most recent sustainability report, the Ethereum blockchain has achieved significant advancements while drastically reducing its energy consumption by an astounding 99%.
