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Ethereum Breaking $3,100 Is ‘Just The Beginning’

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Analysts see that Ethereum has the potential to reach a new all-time high by December after it achieved its first breakout in three months.

Its growth can be attributed to the growing optimistic sentiment on cryptocurrencies fueled by the results of the recently concluded national elections.

Ether Breaks The $3,000 Barrier

Data has shown that Ethereum experienced a big price hike–a growth that analysts said could be the result of the triumphant victory of Donald Trump in the US elections.

Analysts said that the second largest crypto in terms of market capitalization was able to move past the “critical” $2,000 level, peaking at $3,179 on Sunday noon.

Source: Bitstamp

Ethereum’s price rally is being viewed as an indicator that after a period of stagnation, the digital currency will gain momentum and will be on the road to recovery, which is good news for ETH investors.

Many analysts suggested that the growth has something to do with the incoming Trump administration. During the campaign, Trump has already hinted that he is more inclined to have more favorable regulations on cryptocurrencies. Hence, his victory signaled great optimism about the future of crypto under his leadership.

Ethereum is among the digital currencies riding on this optimism, resulting in a 20% price hike in the past week.

Analysts also note that another major contributor to the bullish momentum is the significant increase in spot Ether ETF inflows. On November 8, data showed that inflows recorded a weekly high of $85.9 million, an indicator that investors are getting more confident about the long-term potential of Ether.

Ether market cap currently at $385 billion. Chart: TradingView.com

An All-Time High Is Possible

Market commentators said that many indicators showed that a new all-time high for Ethereum could be just around the corner, saying that it could reach $3,366 any time soon. They added that ETH increased by 8% last Thursday.

Analysts predicted that the crypto could hit a new all-time high by December, fueled by a growing demand for the top altcoin. One of these growth indicators is the coin’s open interest which is also on the rise.

Reports illustrated that ETH’s futures open interest (OI) experienced a massive uptick. It increased by about 20% to $16.18 billion from $13.05 billion in the last two days.

Analysts explained that OI refers to the total number of outstanding contracts in a derivatives market. They added that if OI went up together with prices, it meant new funds were entering the market to fuel an upward trend.

If Ethereum’s OI keeps on growing, it might result in a massive price surge, propelling the digital coin to reach a new record high before the year ends.

The $10,000 Projection

Analyst Ali Martinez forecasted that there is a possibility that Ethereum could reach the $10,000 mark, saying that breaching the $3,000 level is only the start of the upward price movement.

Martinez claimed that ETH is on the right trajectory to attain the $10,000 level, comparing the crypto to the S&P 500.

Geoffrey Kendrick of Standard Chartered agrees with the prediction, saying that ETH could hit that level soon.

Kendrick explained that the anticipation of clearer crypto regulations by the new administration and what is being perceived as a crypto-friendly government could fuel this massive growth.

Featured image from OneSafe, chart from TradingView





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Altcoins

Analyst Outlines Massive Price Targets for Dogecoin, Predicts Parabolic Rally for Ethereum-Based Altcoin

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A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) is poised to spark massive rallies, en route to astronomical fresh all-time high levels.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE appears to be trading in a large ascending channel on the weekly chart.

An ascending channel is typically seen as a bullish structure as it suggests that an asset is printing higher highs and higher lows.

According to Martinez, Dogecoin looks to be gearing up for fireworks after respecting the diagonal support of the channel.

“A test of the middle or upper boundary of the channel puts Dogecoin DOGE at $2.40 or $18!” 

Image
Source: Ali Martinez/X

At time of writing, DOGE is trading for $0.383, suggesting a potential rise of 526% if the coin hits the trader’s first target and about 6,000% if it reaches Martinez’s second target.

Next up, the trader has his radar locked on the native asset of the Ethereum (ETH) scaling solution Optimism (OP). According to Martinez, OP appears to be mirroring a pattern that led to parabolic rallies last year.

“Optimism OP has a history of forming market bottoms with ascending triangles, often followed by rallies to the 1.618 Fibonacci retracement level. Today, we’re seeing a similar setup, pointing to a bullish target of $7.20 for OP – a potential 340% gain.”

Image
Source: Ali Martinez/X

At time of writing, OP is worth $1.68.

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Dogecoin (DOGE) Leads Crypto Market Resurgence With Explosive Move As Traders Eye $1 Price Target

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Dogecoin (DOGE) is in the middle of an explosive move, running more than 160% in less than a week as one of the main beneficiaries of the bounce in crypto markets.

DOGE is up 107% in the last week after adding $30 billion to its market cap in one day.

With DOGE gaining momentum, traders and analysts in the space are eyeing the top memecoin’s next move, focusing on the psychological $1 level.

Pseudonymous crypto trader Kaleo tells his 656,000 followers on the social media platform X that DOGE is now due for some chop and then a “flush” down, potentially below the $0.30 level before continuing higher.

“General PA (price action) here makes sense to me.

Chop under meme resistance (0.42069) for a minute, have one flush back down to high 20s / low 30s to shake out late longs and fomo (fear of missing out) top buyers, then continue to rip.”

Image
Source: Kaleo/X

Ultimately, Kaleo sees DOGE reaching the $1 mark, currently about a 170% rally.

“Roadmap to $1.00.”

Image
Source: Kaleo/X

Legendary commodities trader Peter Brandt recently accurately called DOGE’s breakout from an inverse head and shoulders (H&S) after breaking out of a channel. Brandt says a break of all-time highs – above $0.73 – is imminent.

“In Musk we Trust

DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner.”

Image
Source: Peter Brandt/X

Other veteran traders like the widely followed Bluntz have also called for $1 DOGE, saying that the crucial dollar level is “not the meme you think it is.”

Some analysts aren’t as confident in DOGE. Pseudonymous trader Donalt recently addressed his 595,000 followers on X warning that Dogecoin was a “coin of old” not likely to gain the attention of new retail market participants.

At time of writing, DOGE is trading at $0.37.

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Analyst Predicts Massive Rallies for Two Under-the-Radar Altcoins – Here Are His Targets

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A closely followed crypto strategist thinks two altcoins unseen by most traders are gearing up for huge upside bursts.

Analyst Ali Martinez tells his 78,600 followers on the social media platform X that he’s bullish on the native asset of the peer-to-peer file storage network Filecoin (FIL).

According to the analyst, FIL looks poised to rally to its range high after respecting its long-term support. Martinez also thinks that FIL could witness exponential rallies if it manages to overcome a crucial resistance level.

“Missed out on the $2.94 entry, but I’m still bullish on Filecoin FIL at this level.

The lower boundary has held strong for almost two years, setting us up for a potential rebound to $9.50 – a 145% gain. If we see a breakout above the upper boundary ($9.50), FIL could reach $30, delivering around 700% upside from here.” 

Image
Source: Ali Martinez/X

At time of writing, FIL is worth $4.32, up over 7% in the past day.

The trader is also keeping an eye on NOT, the community token for the popular Telegram-based tap-to-earn mining game Notcoin. Martinez says he’s bullish on NOT after the altcoin shattered the diagonal resistance of a falling wedge structure – a bullish reversal pattern.

“Notcoin NOT broke out of the falling wedge, and its price is projected to increase 76% to $0.012!” 

Image
Source: Ali Martinez/X

At time of writing, NOT is worth $0.0076.

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