Ethereum (ETH) to Experience a ‘Massive Rally’ Under This Condition (Analysts)
TL;DR
- Experts foresee a substantial upward movement for ETH, expecting it to quickly gain ground after BTC stabilizes.
- Key on-chain metrics suggest lowered selling pressure and growing investor interest, hinting at a possible bullish phase for the asset’s price.
ETH Bull Run on the Horizon?
Despite experiencing a 14% price increase over the last week, Ethereum (ETH) is still lagging behind other leading cryptocurrencies. For instance, Bitcoin (BTC) was up 22% for that period, Ripple’s XRP soared by 30%, and Dogecoin (DOGE) exploded by over 100%.
According to numerous analysts, ETH has yet to pump hard. The popular investor using the X moniker CoinMamba envisioned a “massive rally” once BTC settles down. “It will catch up very fast,” they added.
Bitcoin has been one of the market’s frontrunners, with its valuation skyrocketing to an all-time high of more than $93,000 on November 13. In the following hours, it retraced a bit and is currently worth around $91,300 (per CoinGecko’s data). It will be interesting to see whether the price will consolidate in the next few days and whether this development will be followed by Ethereum’s potential surge (as predicted).
The X user Skew shared a similar thesis. The trader reminded that ETH performed quite similarly during the previous bull run but eventually charted impressive gains.
$ETH looks like its doing the same as it did last bull run
lagged BTC & market performance for 2-3 months then broke out
probably see something similar to that
— Skew Δ (@52kskew) November 13, 2024
Other well-known industry participants foreseeing a bright future for the asset include Ash Crypto and Crypto Beast. The former sees ETH trading in the $10,000-$15,000 range in the next 6-12 months, while the latter set “a realistic target” of $8,000.
What are Metrics Suggesting?
Some important on-chain indicators signal that the asset’s price might indeed be on the verge of an increase. ETH’s exchange netflow, for example, has been predominantly negative in the last month (outflows surpassing inflows). This development hints at a shift from centralized platforms toward self-custody methods and could be interpreted as a bullish sign since it reduces the immediate selling pressure.
Next, we will focus on the “In The Money” metric: a technical analysis tool that measures the change in the number of ETH investors currently sitting on paper profits. According to IntoTheBlock’s data, it is up nearly 2% on a 24-hour scale, flashing the bullish signal.
Lastly, the large ETH transaction volume (where each transaction exceeds $100,000) has jumped by 5% for the same period. Such activity often indicates the involvement of whales, whose interaction can be seen as a positive sign from smaller players and encourage them to enter the ecosystem, hence injecting fresh capital.
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