The crypto market is buzzing with positivity as Ethereum, the second-largest cryptocurrency by market cap, has witnessed a surge in dominance against Bitcoin. This development has led to a wave of bullish sentiments, with experts hinting at the possibility of an altcoin season on the horizon.
According to renowned crypto analyst Ali Martinez, Ethereum recently broke out from an ascending triangle on the weekly chart. Martinez believes that despite short-term volatility, the crypto token is aiming for a price level of $3,400. Echoing this sentiment, another crypto analyst, Mayne, shares the conviction that $3,400 is a viable target for ETH’s price. Interestingly, Mayne even suggests that “ETH betas” could run alongside ETH during this significant price surge. These ETH betas include tokens such as Optimism and Arbitrum, the native tokens of Ethereum’s layer-2 networks.
Adding to the bullish outlook, crypto analyst Ash Crypto predicts a rise in ETH’s price, noting that money is currently flowing from Bitcoin to Ethereum. He anticipates that it won’t be long before Ethereum trades above $3,200. With these predictions aligning, it seems that most experts agree that Ethereum breaking the $3,000 price level is a strong possibility.
Various experts have weighed in on the future trajectory of Ethereum’s price, offering further optimism for ETH holders. Michaël van de Poppe, CEO and founder of MN Trading, previously speculated that ETH will surpass $3,000 on its way to reaching $3,500. Poppe confidently stated that this price prediction could become reality within the first quarter of 2024.
Similarly, crypto analyst ColdBloodedShill believes that as long as Ethereum remains above the $2,400 support level, it is preparing for higher prices. Bluntz Capital also emphasizes the significance of the $2,495 price range as a potential breakout point for ETH.
Market intelligence platform Santiment recently unveiled data showing a surge in the number of new Ethereum addresses. During this period, an average of 89.4 thousand addresses have been created daily. This marks a significant increase compared to the previous year, when only 70.4 addresses were created per day in early November.
Furthermore, Santiment reports a substantial reduction in ETH supply on exchanges, currently standing at 8.10%. This figure is approaching the all-time low of 8.05% since the opening week of trading. Such a trend suggests that Ethereum holders are increasingly opting to hold their assets for the long term by moving them to self-custody wallets.
The prevailing bullish sentiments surrounding Ethereum’s rise against Bitcoin dominance have sparked optimism in the crypto community. With experts suggesting that ETH is eyeing the $3,400 price level, the future looks promising for Ethereum and its investors. As the number of new ETH addresses continues to grow and supply on exchanges decreases, it appears that Ethereum’s momentum is picking up. Nonetheless, it is crucial for investors to conduct their own research and bear in mind that investing in cryptocurrencies carries inherent risks.