Altcoins

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

Published

2 weeks ago

November 10, 2024

Este artículo también está disponible en español.

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.

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.

#Ethereum $ETH at $3,000 today is just the beginning! https://t.co/gpAfqbe2v5
— Ali (@ali_charts) November 9, 2024

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 Says Dogecoin Has Way More Room To Grow, Sees Potential Rally to New All-Time High for DOGE

Published

2 days ago

November 20, 2024

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A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) may be gearing up for an explosive surge.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE has more upside potential based on the level of public interest relative to its current price level.

He uses Google search trends to gauge the level of interest for the top memecoin by market cap.

“I read people saying Dogecoin will not go higher because of ‘market cap,’ ‘sell the news,’ ‘better memes.’ Well, when you look at the interest in DOGE over time, it isn’t even at peak popularity yet. Long story short, DOGE has way more room to grow.”

He also says that DOGE may be forming a bull flag pattern on the hourly timeframe and may soon surge past its all-time high of about $0.74. In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.

“Dogecoin appears to form a bull flag! I’m looking out for an hourly close above $0.40 which could trigger a breakout to $0.85!”

DOGE is trading for $0.3742 at time of writing, up 3.6% in the last 24 hours but down about 49% from its all-time high of $0.731.

Lastly, the analyst says that Bitcoin (BTC) may override a bearish signal from the TD Sequential indicator and hit six figures.

Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“Finally, I believe a sustained daily close above $91,900 will invalidate this bearish Bitcoin outlook and trigger a breakout to $100,680!”

Bitcoin is trading for $90,885 at time of writing, up 1.6% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Top Trader Unveils Path to New All-Time High for Dogecoin, Says DOGE Will Remind Everyone Who Is the King

Published

3 days ago

November 19, 2024

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A trader who continues to grow his following with timely crypto calls is outlining a potential price path for Dogecoin’s (DOGE) rally to fresh all-time highs.

Pseudonymous analyst Bluntz tells his 292,900 followers on the social media platform X that Dogecoin looks poised for a new wave of upside bursts after printing a local bottom at around $0.339.

The trader shares a chart suggesting that DOGE could explode to a new all-time high of $0.85 before ending its five-wave surge.

“Nothing changed, we just had a nice 23% low time frame dip I’m counting as a wave four within a monster extended wave three impulse.

Once the next DOGE leg-up start, it will probably start to suck liquidity out of smaller memes again. The only reason they went so hard this week was because DOGE has been chilling for five days in my opinion.

I think this week will be a DOGE week.”

Bluntz practices the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that tends to manifest in waves. According to Elliott Wave principles, a bullish asset often witnesses a five-wave rally, where waves one, three and five are upside moves and waves two and four are corrective periods.

At time of writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.

Zooming in, Bluntz shares his forecast for DOGE in the coming days.

“Ideal scenario for DOGE is a slow grind up over the next few days which could set the stage for another parabolic breakout later in the week similar to the last…

I think DOGE is gonna gently remind everyone who the king is this week.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

‘Time Has Come’ – Top Trader Predicts More Rallies for Dogecoin, Updates Forecast for Bitcoin and PEPE

Published

4 days ago

November 18, 2024

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An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes top memecoin Dogecoin (DOGE) is primed for more rallies.

Pseudonymous analyst Bluntz tells his 291,000 followers on the social media platform X that Dogecoin appears to have completed an ABC corrective wave against Bitcoin (DOGE/BTC).

The trader practices Elliott Wave theory, which states that a bullish asset tends to witness a five-wave upside move after an “ABC” correction.

Says Bluntz,

“DOGE/BTC looking sendy again, swept the A wave lows and looks like a clear ABC down move now done.

I have been waiting for this one to cool off to start bull posting again and I think the time has come.”

Looking at the trader’s chart he seems to predict that DOGE/BTC will soar to as high as 0.000008 BTC ($0.73). At time of writing, DOGE is trading at $0.365.

Turning to Bitcoin itself, the analyst believes that BTC has started a fresh five-wave surge in the lower time frame, targeting $100,000.

“So far so good.”

At time of writing, Bitcoin is trading for $90,227.

As for the memecoin Pepe (PEPE), Bluntz says that the altcoin is likely en route to $0.00003.

“Don’t fade the magic PEPE squiggles.”

At time of writing, PEPE is worth $0.0000214.

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