Ethereum could break above $4,000 in December and cross its all-time high of $4,878 before President-elect Donald Trump is inaugurated on January 20th, according to IntoTheBlock lead researcher Juan Pellicer.
Rally to $4k Depends on Whales’ Activity, Says Analyst
However, Pellicer says the rally will be determined by the whales’ onchain activity. If large Ethereum holders accumulate ETH next month, they could boost the chances of a surge to $4,000. But as of November 29th, Ethereum whales have shown no signs of collecting the token, per data from IntoTheBlock.
Instead, they have dumped over 190,000 ETH since November 21st. Notably, Ethereum co-founder Jeffrey Wilcke, who holds 106,000 ETH tokens, is among the holders who have cashed out part of their holdings in November. On Thursday, news emerged that Wilcke had transferred 20,000 ETH to his Kraken account. He has dumped 44,300 ETH this year.
More Analysts Share Bullish Views on Ethereum
Meanwhile, Santiment lead analyst Biran Quinlivan holds the same opinion as Pellicer. He believes a rally to $4,000 next month is achievable. According to him, if the funding rate on Binance and Bitmex continues to be positive, then Ethereum can easily hit the $4k mark before 2026.
For starters, the funding rate is a metric that shows whether long traders are dominating short traders in derivatives markets. If the rate is highly positive, it means long traders have the advantage, and many anticipate the crypto price to rise in the future.
Another crypto analyst who’s bullish on Ethereum is Julio Moreno from CryptoQuant. Referencing the Market Value to Realized Value ratio, he says the token is approaching the ‘undervalued’ zone. Moreno claims that the last time Ethereum entered that zone, it rallied to an all-time high on November 10th, 2021. He anticipates a repeat of the same in the coming months.
Ethereum Price Prediction Based on Technical Analysis
A bull flag has been formed on Ethereum’s daily price chart. This pattern usually indicates an imminent breakout after a period of consolidation. If ETH crosses and stays above $3,600, we can assume a solid breakout has happened. As such, a rally to $3,800 and later to $4,000 is expected. On the other hand, a pullback in the bull flag could lead to a drop to $3,100.
