Ethereum

Parabolic

TL;DR
<ul>
 <li>Ethereum (ETH) has pumped by around 6% weekly, with analysts predicting potential moves past $4K.</li>
 <li>Bullish on-chain metrics and positive sentiment on platforms like Telegram support the thesis for an upcoming resurgence.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-10-eth_cb-7-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/ETH_CB-7.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="time-for-eth-to-shine">Time for ETH to Shine?</h2>
The cryptocurrency sector has been on a tear in the past several days, with Bitcoin (BTC) briefly surpassing $73,500 and Dogecoin (DOGE) hitting a six-month high of almost $0.18.&nbsp;
The second-largest digital asset in terms of market capitalization—Ethereum (ETH)—is also well in the green, albeit registering marginal gains. It currently trades at around $2,700, meaning a 6% weekly rise. 
<figure id="attachment_368439" aria-describedby="caption-attachment-368439" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/ETH-Price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-368439" src="https://cryptopotato.com/wp-content/uploads/2024/10/ETH-Price.png" alt="ETH Price" width="560" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/ETH-Price.png 1038w, https://cryptopotato.com/wp-content/uploads/2024/10/ETH-Price-300x214.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/ETH-Price-1024x732.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/ETH-Price-768x549.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/ETH-Price-50x36.png 50w" sizes="(max-width: 560px) 100vw, 560px"></a>
 <figcaption id="caption-attachment-368439" class="wp-caption-text">
 ETH Price, Source: CoinGecko
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</figure>
Multiple analysts seem to believe that ETH has yet to gain momentum and even outperform BTC. One person sharing that thesis is the X user Crypto General, who <a class="editor-rtfLink" href="https://x.com/DaCryptoGeneral/status/1851372043469504961" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">thinks</a> the asset’s price looks ready to overcome the $2,800 resistance mark and “start a parabolic move towards the target of $4000.”
Another user with the X monicker Wolf chipped in, too, <a class="editor-rtfLink" href="https://x.com/IamCryptoWolf/status/1851181099499590022" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">explaining</a> that a “three-month ascending triangle that formed after the August scare is nearing completion.” The crypto enthusiast sees this as a precursor of a spike above $4K.
Last but not least, Phoenix predicted a “hated rally” for ETH in the near future. However, the analyst did not outline any particular targets:
<blockquote class="twitter-tweet">
 I hope you aren’t trapped cause we’re actually somewhere here comparing to a year ago<a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> is still absolutely behind, but it will be a hated rally once it truly sends
 Insert your hopium and raise your targets<a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a> <a href="https://t.co/zCy6XoXabi" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/zCy6XoXabi</a> <a href="https://t.co/h9RpHOjnuY" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/h9RpHOjnuY</a>
 — Phoenix (@Phoenix_Ash3s) <a href="https://twitter.com/Phoenix_Ash3s/status/1851605625127518604?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 30, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="span-data-preserver-spaces-true-bullish-indicators-span">Bullish Indicators</h2>
Certain on-chain metrics also suggest that the asset’s price may head north in the short term. CryptoQuant’s data <a class="editor-rtfLink" href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-netflow-total?exchange=spot_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=column" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">shows</a> that the ETH exchange netflow has been predominantly negative in the last month, signaling a shift from centralized platforms toward means of self-custody. This reduces the immediate selling pressure and could be viewed as an optimistic factor.
Additionally, Telegram’s sentiment involving Ethereum has changed toward positivism. <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/ETH" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">According</a> to IntoTheBlock, more than 30% of the ETH-related messages on the app are positive, while only 2% are negative. The vast majority (67%) are neutral.
Optimism in social channels can create a sense of momentum, attracting more retail investors, which may lead to short-term price increases.
The post <a href="https://cryptopotato.com/optimistic-ethereum-eth-price-targets-parabolic-move-to-4k-possible/" rel="noopener noreferrer nofollow">Optimistic Ethereum (ETH) Price Targets: Parabolic Move to $4K Possible?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Optimistic Ethereum (ETH) Price Targets: Parabolic Move to $4K Possible?

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