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ethereum

Ethereum Set For A Parabolic Surge? Here’s What Crypto Experts Say

Ash Tiwari
by Ash Tiwari
8 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Despite surging more than 65% on a year-to-date (YTD) basis, Ethereum (ETH) has been overshadowed by Bitcoin (BTC) and other cryptocurrencies like Solana (SOL) and XRP due to their extraordinary price gains throughout 2024.

Analysts are increasingly bullish on ETH, projecting five-figure price targets for the second-largest cryptocurrency.

Ethereum To Finally Get Its Moment?

The leading smart contract platform has had a relatively modest performance in 2024. ETH was trading at $2,350 on January 1, priced slightly above $3,800, marking gains of over 65%.

Related Reading: Ethereum Continues Losing Ground To Bitcoin With ETH/BTC Ratio at Multi-Year Lows

However, a 65% yearly increase is often seen as average in the crypto industry, particularly during a bull market. Now, crypto analysts increasingly suggest that ETH’s breakout moment might finally be approaching.

For instance, prominent crypto analyst and trader @CryptoKaleo on X, said that the next major stop for Ethereum is $15,000 – a more than 3 times increase from current price levels. In addition, the analyst predicted that the ETH/BTC trading ratio could surge to 0.1 by January 2025.

ETHBTC kaleo
Source: Crypto Kaleo on X

For context, the ETH/BTC trading pair – commonly called the ETH/BTC ratio – measures ETH’s performance relative to BTC. A higher ratio indicates that ETH outperforms Bitcoin, while a lower ratio suggests the opposite.

Looking at the weekly chart below, ETH has been in a prolonged downtrend against BTC since at least September 2022. However, the pair now sits at a multi-year support level around 0.038 and is expected to rebound against BTC in the coming weeks.

ETHBTC
Source: ETHBTC on TradingView.com

On a shorter time frame, crypto observer @TheLongInvestor noted that ETH has climbed back above the upper trendline of a symmetrical triangle formation on the daily chart. The analyst suggested that a breakout above $4,100 could pave the way for ETH to challenge its all-time high (ATH) of $4,865.

symmetrical triangle
Source: The Long Investor on X

ETH Funding Rates Back To Neutral Levels

Another interesting observation comes from crypto analyst Byzantine General, who highlighted that despite ETH’s steady upward price movement, its futures basis and perpetual swap funding rates have reset to neutral levels.

Related Reading: Ethereum’s Rally Loses Steam: Analyst Foresee A Possible Brief Correction
byzantine
Source: Byzantine General on X

In other words, the market does not appear to be overly speculative or leveraged in favor of longs, even though ETH’s price has been steadily rising. This reset could indicate healthier market conditions and the potential for further upward movement, without the risk of excessive leverage triggering volatility.

Besides bullish chart patterns, ETH’s fundamentals are getting stronger. A recent report noted a significant increase in Ethereum’s net staking inflows, further reinforcing its long-term value proposition. At press time, ETH trades at $3,925, down 0.8% in the past 24 hours.

ethereum
ETH trades at $3,925 on the daily chart | Source: ETHUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from X and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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