There has been an uptick in predictions from analysts regarding Ethereum’s potential to hit the $10,000 mark. Recent discussions have drawn parallels between XRP’s breakout trend and Ethereum’s price movement over the past three years.
A crypto analyst known as Wolf has pointed out a striking similarity in the consolidation patterns of both assets within a three-year triangular formation. Given XRP’s significant surge post-breakout, there is a belief that Ethereum might follow suit, potentially aiming for a target of $12,000.
Surge in ETH ETF Investments
The recent surge in investments through U.S. spot ETH ETFs serves as a major catalyst supporting the aforementioned predictions. On November 29th, these ETH investment products surpassed inflows from BTC ETFs for the first time.
With a daily inflow of $332.9 million – the highest since its inception – the ETH ETFs outpaced BTC ETFs, indicating a growing preference for Ethereum over Bitcoin in recent weeks.
Market data from SpotOnChain reveals a consistent trend of positive inflows into ETH ETFs compared to BTC ETFs, reinforcing Ethereum’s superior performance during this period.
Despite the increasing demand, the question remains: can Ethereum break its all-time high (ATH)? The market sentiment towards ETH shifted positively following the outcome of the U.S. Presidential elections.
Notably, in early November, Polymarket assigned an 8% likelihood to ETH reaching a new ATH by 2024. However, post-election, this probability surged to 25% by the end of the month.
While the possibility of ETH surpassing its previous high of $4,800 by December is uncertain, derivatives traders on Deribit are valuing an 18% chance of Ethereum hitting $10,000 by September 2025.
In view of December targets, traders are actively placing bets amounting to $289 million on ETH touching $4,000, with a level of discomfort at $2,800 (where traders start losing money if that threshold is reached). Additionally, bullish bets are also visible for price points of $4,500 and $6,000.
Following its impressive 46% surge in November, Ethereum was on the verge of breaking the downtrend line projected for 2024. This potential shift in market dynamics could propel ETH towards the short-term targets of $4,000 and $4,500.