Ethereum (ETH) to Finally Get Its Moment? Crypto Analysts Increasingly Bullish, Projecting Five-Figure Price Targets

Despite surging more than 65% on a year-to-date (YTD) basis, Ethereum (ETH) has been overshadowed by Bitcoin (BTC) and other cryptocurrencies like Solana (SOL) and XRP due to their extraordinary price gains throughout 2024.

Ethereum (ETH) price has surged more than 65% year-to-date (YTD), but it has been largely overshadowed by Bitcoin (BTC) and other cryptocurrencies like Solana (SOL) and XRP due to their astronomical price gains throughout 2024.

However, analysts are now turning their attention to ETH, projecting five-figure price targets for the second-largest cryptocurrency.

After a relatively muted performance in 2024, Ethereum is finally poised to have its breakout moment.

The leading smart contract platform began the year trading at $2,350 on January 1. Now, it is priced at $3,800, marking gains of over 65%.

While a 65% yearly increase is typically considered average in the crypto industry, especially during a bull market, several analysts suggest that ETH’s الكبير moment might be approaching.

For instance, prominent crypto analyst and trader @CryptoKaleo on X, stated that the next major stop for Ethereum is $15,000 – a more than 3 times increase from current price levels.

Moreover, the analyst predicts that the ETH/BTC trading ratio could reach 0.1 by January 2025.

To clarify, the ETH/BTC trading pair – often known as the ETH/BTC ratio – gauges ETH’s performance relative to BTC. A higher ratio indicates that ETH is outperforming Bitcoin, while a lower ratio suggests the opposite.

Now, looking at the weekly chart below, ETH has been in a prolonged downtrend versus BTC since at least September 2022. However, the pair is now at a multi-year support level of around 0.038 and is expected to bounce back against BTC in the coming weeks.

On a shorter time frame, crypto observer @TheLongInvestor observed that ETH has climbed back above the upper trendline of a symmetrical triangle formation on the daily chart. The analyst noted that a breakout above $4,100 could see ETH challenging its all-time high (ATH) of $4,865.

ETH Funding Rates Back To Neutral Levels

Another interesting observation is from crypto analyst Byzantine General, who pointed out that despite ETH’s sustained upward price movement, its futures basis and perpetual swap funding rates have returned to neutral levels.

In other words, the market does not appear to be excessively speculative or leveraged in favor of longs, even as ETH’s price has been steadily rising. This reset could indicate healthier market conditions and the potential for further upward movement, without the risk of excessive leverage triggering volatility.

Besides bullish chart patterns, ETH’s fundamentals are also strengthening. A recent report highlighted a substantial increase in Ethereum’s net staking inflows, further bolstering its long-term value proposition. As of press time, ETH trades at $3,925, down 0.8% in the past 24 hours.