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Analyst Predicts An Upcoming Bull Run To Hit Ethereum, Will ETH Soar Above $3000?

source-logo  coingape.com 09 December 2023 22:37, UTC

Crypto analyst Credibull has again put forward his analysis of Ethereum. After predicting the right next upswing of Bitcoin from the $43K level to enter $44K, the analyst now eyeing a favorable rally for ETH.

This shows optimism surrounding Ethereum with experts indicating a potential upsurge in the ETH ecosystem.

Ethereum To Rally Beyond $3000?

Credibull indicates a potential ETH rally above $2.6k and has predicted that it can happen overnight. He further added that Ethereum will go long and has taken up the position already.

In a recent X post, replying to a comment regarding Bitcoin rally coinciding with Ethereum’s, he stated that ETH will follow BTC. The analyst predicts Bitcoin to go beyond $50K by next week and Ethereum will follow the same.

In another analysis, the prominent voice behind the Altcoin Daily crypto channel, Aaron Arnold, anticipates a substantial upswing for Ethereum (ETH) in response to the potential approval of BlackRock’s spot Bitcoin ETF.

Arnold stresses that the approval of this ETF could trigger a significant surge in demand, driving Ethereum’s price to new highs. By examining historical patterns, Arnold suggests that if Ethereum mirrors its performance from the previous bullish cycle, prices could experience a surge to $4,200. Additionally, he underscores the possibility of a more conservative increase, proposing a climb to $2,800

Ethereum Open Interest Surges $8 Billion

On December 8, Ethereum’s open interest surged above $8 billion signifying an optimistic market reach. Coinglass data reported a consistent growth in open interest (OI), tracking the money flow in and out of the futures or options market since June 2022.

This indicates that new funds have been entering the derivatives market more than funds exiting, a trend observed in the previous day’s events. Furthermore, the rise in Ethereum price, aligned with the increasing OI, affirms a long-term bullish outlook.

At the press time, Ethereum’s (ETH) price was trading at $2,359.44, with a 24-hour trading volume of $18 billion. This is a 0.48% increase in the previous 24 hours and a 12.08% increase in the last 7 days.

coingape.com