Ethereum (ETH) maintains strong upward momentum after breaking through the $3,480 resistance level this week. The leading altcoin has gained 36% in the past month, reaching a market cap of approximately $435 billion.
Market analysts are increasingly optimistic about Ethereum's price trajectory as 2024 unfolds. CryptoQuant analyst "Crypto SunMoon" suggests this rally marks the start of ETH's "secondary bull run," noting that historically, Ethereum's second bull cycles have consistently surpassed previous price peaks.
Technical analyst Ali Martinez points to Ethereum's sustained multi-year ascending price channel, with recent trading breaking key resistance in the $2,800-$3,000 range. Martinez projects a mid-term target of $6,000 for ETH, with potential to reach $10,000 in the longer term.
Adding to the bullish outlook, analyst CryptoWolf identified a three-year triangle consolidation pattern starting from November 2021. He suggests a breakout could push ETH toward $20,000, describing it as "the most asymmetric bet you can make right now."
Market data shows growing institutional interest, with Ethereum's open interest hitting an all-time high of $16.8 billion - a 19% increase in 24 hours. However, JA Maartun from CryptoQuant cautions that the current surge relies heavily on leveraged positions, indicating potential short-term market risks.
As of press time, ETH trades at $3,605, showing a 4.84% increase over the past day. While analysts remain broadly optimistic about Ethereum's future price action, investors should note that cryptocurrency markets are inherently volatile and past performance does not guarantee future results.
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