Ethereum is once again capturing traders' attention as its price has risen above $3,400, marking a significant event in the cryptocurrency market.
Ethereum and Rise Against BTC
Recently, Ethereum has shown significant growth, driven by increased purchases from major investors. The ETH/BTC pair has risen more than 50% since April, demonstrating Ethereum's strength against Bitcoin. Analysts like VirtualBacon and Michaël van de Poppe note a positive trend that could lead to further price increases.
Prospects for Reaching $10,000
Traders' optimism is linked to Ethereum breaking out of the inverse head and shoulders pattern. Trader Crypto Patel predicts that this move could lead the price to $6,000 soon, with long-term targets of $8,000 and even $10,000. However, Patel also warns of a possible dip to around $2,800 before the next strong move.
> Ethereum just broke out of a massive inverse head & shoulders and it's flying past $3,400 again after 5 months.
— Crypto Patel (@CryptoPatel)
Technical Indicators and Market Analysis
Supporting the bullish case, analyst Stockmoney Lizards highlights that Ethereum appears oversold compared to Bitcoin. The current weekly RSI for ETH/BTC is at 23, the lowest since September 2019, just before a significant Ethereum rally began. Projections indicate a mid-term target of $4,500, which also suggests potential for further upside.
Analysis shows that while Ethereum may experience volatility, it retains potential for significant growth, supported by both large investors and positive technical indicators.
