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The Ethereum price saw a strong breakout on November 27, as Bitcoin and most altcoins rebounded after days of decline.
Ethereum (Ethereum), the second-largest cryptocurrency, jumped to $3,690, its highest level since June 10. It has risen by 70% from its lowest level this month, and one famous analyst expects it to reach $10,000 at this rally.
In X post, Ali Martinexa popular cryptocurrency analyst with nearly 100,000 followers, estimated that the coin would reach $6,000 this cycle. His long-term view is that the price of ETH will eventually jump to $10,000. If his point of view is correct, this means that the currency will jump by 65% and 176%.
Ali’s forecast is based on the decline of the trend on the daily chart from its lowest level in January of last year.
Daan Crypto Trades, another popular analyst, estimated that the ETH price is also preparing for another rise. It is expected to achieve its best performance in the first quarter of next year based on its historical trends.
Ethereum’s continued bullish price outlook is quite contradictory given that the coin has underperformed most of its peers this year. Spot ETFs are also not seeing much traction, with cumulative inflows at $240 million. Bitcoin inflows amount to more than $27 billion.
There are also signs that Ethereum is losing market share to Solana (Sol). Data released by DeFi Llama shows that DEX protocols on Ethereum handled $68 billion in trading volume in the last 30 days compared to Solana’s $126 billion.
Ethereum price has strong technicals
The daily chart shows that ETH price has been doing well in the past few days. It has just formed a golden crossover pattern where the 50-day and 200-day EMAs crossed each other. This is one of the most common bullish patterns in the market.
Ethereum price also jumped above the crucial resistance point at $3,558, the highest level on July 21. Furthermore, both the Relative Price Oscillator and Relative Strength Index moved higher.
So, the short-term outlook is where ETH jumps and retests its year-to-date high of $4,088. A break above this level indicates further gains, and the next point to watch will be the psychological level at $5,000. This offer will become invalid if it falls below the support level at $3,100.
