According to analysts, Ethereum, which has seen a significant increase in long-term holders in 2024, could potentially rise to as high as $6,000 in the first quarter of 2025.
In a December 29 post, CryptoBullet, which has over 152,000 followers, noted that Ethereum is in the process of forming a bullish pennant pattern on the 1-day ETH/USDT chart. He expects this pattern to complete in the coming months, potentially leading to a massive increase to as high as $6,000 in the first quarter of 2025.
In technical analysis, a bull pennant pattern forms after an asset experiences an uptrend and usually indicates a possible continuation of the rally.
The analyst recalled price action in May 2021, when ETH rose above $4,000 for the first time after breaking out of a similar pattern in the first quarter of the year.
Analyst James CryptoGuru predicted a similar price target for Ethereum based on a technical indicator.
He noted that ETH has formed a multi-month bullish inverse head and shoulders pattern throughout 2024, which is expected to complete in early 2025. If ETH breaks out of this pattern, it could potentially rise as high as $8,100.
Meanwhile, fellow analyst Jelle is also expecting a big breakout for ETH, pointing out that Bitcoin dominance has moved beyond a multi-year trend. They highlighted that last time ETH price quadrupled in about five months.
These experts’ optimistic forecasts are accompanied by an increase in the number of long-term ETH holders – those who hold the asset for over a year – from 59% in January to 75% by the end of 2024. In contrast, the number is increasing the BTC long-term holder. Incumbency holders fell from 70%…
