Crypto analysts anticipate a bullish weekend for Ethereum (ETH) following hints that the cryptocurrency market may be unshackled from recent downward pressure caused by stock market volatility.
$ETH – Looking for a weekend pump as stocks felt like they were keeping down crypto a bit. pic.twitter.com/jEMpOpXVYg
— IncomeSharks (@IncomeSharks) December 13, 2024
Another prominent crypto analyst, CryptoQuant, has projected Ethereum’s price could surpass the $5,000 mark based on its proprietary “realized price upper band” indicator. This prediction stems from a detailed analysis of Ethereum’s trading history and market dynamics.
$ETH could break above $5k as demand and supply dynamics strengthen.
The realized price upper band, currently at $5.2k, matches the level seen during the 2021 bull run peak, signaling strong potential for further growth. pic.twitter.com/AOwgAbltS8
— CryptoQuant.com (@cryptoquant_com) December 13, 2024
The realized price reflects the average price at which all Ether tokens last transacted on the blockchain, effectively reflecting the cost basis of ETH holders. The crypto analyst enhances this metric with statistical bands to predict price movements. As of now, the upper band stands at $5,200, a level last observed during Ethereum’s bull market peak in 2021.
At the time of writing, Ether is currently trading at around $3,920, with its realized price set at $2,300. The lower support band is at $1,100. CryptoQuant’s analysis, combined with what it terms “strengthening market dynamics”, highlights the potential for an upward rally, with $5,200 emerging as a key target.
The year-to-date performance of ETH reflects its volatility and resilience. The cryptocurrency recently experienced a notable surge, breaking past the $3,500 level in late November.
On December 13, the cryptocurrency showed intraday volatility, peaking at $3,965 during mid-afternoon trading before settling into a range between $3,910 and $3,925.
Also Read: US Bitcoin Spot ETFs Surpass 500,000 BTC, Holding Over 2.5% of Total Supply