Ethereum Showing Similar Breakout Patterns to XRP: Can ETH Reach $10K?
Cryptocurrency analysts are increasingly optimistic about Ethereum’s potential to hit the $10K mark. A recent analysis has pointed out similarities between XRP’s recent breakout and Ethereum’s price movements over the past three years.
Renowned crypto analyst Wolf has highlighted how both XRP and ETH have been trading within a consolidation triangle for the past three years. With XRP experiencing a significant surge post-breakout, there is speculation that ETH could follow suit, potentially targeting $12K.
Surge in ETH ETF Inflows
One of the key factors bolstering the case for Ethereum’s price surge is the significant inflow into U.S. spot ETH ETFs. Recent data shows that on November 29th, ETH ETFs surpassed BTC ETFs in terms of daily inflows for the first time.
ETH ETFs received a record $332.9 million in inflows on that day, marking the highest daily inflow since the ETF’s launch. This surge in inflows, coupled with data from SpotOnChain indicating higher positive inflows for ETH compared to BTC in recent weeks, further supports the notion of Ethereum outperforming other cryptocurrencies.
While the demand for ETH is strong, the question remains: can it reach new all-time highs (ATH)? The market sentiment around ETH shifted positively following the outcome of the U.S. Presidential elections.
At the start of November, the probability of ETH hitting a new ATH by 2024 was estimated at 8%. However, post-election, this probability surged to 25% by the end of the month. Despite this, whether ETH can surpass its previous ATH of $4.8K by December is uncertain. Nevertheless, options traders on Deribit are indicating an 18% likelihood of ETH reaching $10K by September 2025.
Looking at the current options market, traders are placing bets worth $289 million on ETH hitting $4K by December, with the max pain point at $2.8K (traders start losing money if this level is reached). Moreover, significant bullish bets have also been observed at the $4.5K and $6K levels.
Following a strong rally in November, during which ETH saw a 46% increase, the cryptocurrency is now poised to break its downtrend line from 2024. This potential shift in the market structure could pave the way for ETH to target $4K and $4.5K in the near future.