The Ethereum chart shows a bullish pattern that preceded Bitcoin’s November rally. An analyst writes about this CoinDesk Omkar Godbole.
A three-line breakout chart with daily noise and irregular price movements filtered out shows that the cryptocurrency’s eight-month correction period has ended.
According to the expert, the pattern signals the start of a broad upward trend in Ethereum from the October 2023 lows near $1,500.
Such breakthroughs often cause prices to cascade upward, attracting new buyers and driving sellers out of the market, Godbole explained.
For Bitcoin, a similar pattern in mid-October led to the exchange rate returning to around $73,000. Since then, digital gold quotes have added about 45%, rising to ~$96,000.
The analyst noted that the technical bullish signal in Ethereum is supported by fundamental factors.
In November, the number of BLOB-objects located on the network L2-protocols. An increase in activity increases the volume of commissions, the partial burning of which takes coins out of circulation.
Godbole also drew attention to institutional interest in the second largest cryptocurrency by capitalization. On November 29, nine US spot ETH ETFs recorded net inflows of $332.9 million, the highest since the products launched in July.
Block Schools and Bybit Analytics predicted the growth of Ethereum above $4,000 even before the inauguration of Donald Trump, which will take place on January 20.
An analyst under the nickname VentureFounder discovered a pattern on the cryptocurrency chart signaling a possible price rise to $7,238 in the first quarter of 2025.
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Source: Cryptocurrency
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