Key Points
Ethereum’s price saw a robust breakout on November 27.
This happened as Bitcoin and most altcoins rebounded after several days of decline.
Ethereum’s Bullish Run
Ethereum, the second-largest cryptocurrency, surged to $3,690.
This is the highest it has reached since June 10.
From its lowest level this month, it has skyrocketed by 70%.
One well-known analyst predicts it will reach $10,000 in this bull run.
In a post by Ali Martinex, a renowned crypto analyst with nearly 100,000 followers, he estimated that the coin will reach $6,000 in this cycle.
His long-term view is that the ETH price will eventually climb to $10,000.
If his prediction is correct, this means the coin will surge by 65% and 176%.
Ali’s forecast is based on trend regression on the daily chart from its lowest level in January last year.
Daan Crypto Trades, another well-known analyst, estimated that the ETH price is also gearing up for another bull run.
He expects it to have the best performance in the first quarter of next year based on its historical trends.
However, the ongoing bullish Ethereum price forecast is largely contrarian.
This is because the coin has lagged behind most of its peers this year.
Its spot ETFs are also not seeing significant traction, with the cumulative inflows being at $240 million, while Bitcoin’s inflows stand at over $27 billion.
There are also indications that Ethereum is losing market share to Solana (SOL).
Data by DeFi Llama shows that DEX protocols on Ethereum handled volume worth $68 billion in the last 30 days, compared to Solana’s $126 billion.
Strong Technicals for Ethereum
The daily chart shows that the ETH price has performed well in the past few days.
It has just formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages crossed each other.
This is one of the most popular bullish patterns in the market.
Ethereum’s price has also leaped above the crucial resistance point at $3,558, its highest level on July 21.
Moreover, the Percentage Price Oscillator and the Relative Strength Index have all moved upwards.
Therefore, the short-term outlook is where ETH jumps and retests its year-to-date high of $4,088.
A break above that level will point to more gains, with the next point to watch being the psychological level at $5,000.
This view will become invalid if it drops below the support at $3,100.