Ethereum price has been underperforming compared to other altcoins in the current crypto bull run, but analysts are optimistic about its potential for a comeback. The ETH token recently reached $3,725, its highest level since June, and is 75% higher than its lowest point in August. Despite losing market share to other networks like Solana and Sui, Ethereum has seen an increase in inflows in recent weeks, with over $573 million flowing into the token.
Popular crypto analysts like Wolf and Freedom by 40 have made bullish predictions for Ethereum, with Wolf forecasting a price range between $9,000 and $10,000 by May next year. He attributes this potential surge to technical patterns like falling wedges and regressions. If this prediction comes true, it would represent a 177% jump from the current price level. Other altcoins like Stellar Lumens and Ripple have experienced similar gains in recent weeks.
The ETH price analysis shows that Ethereum has surpassed several key resistance levels, including $3,552 and $2,810, as well as the ascending trendline since September. The formation of a golden cross pattern with the 50-day and 200-day EMAs is seen as a bullish sign, along with indicators like the RSI and MACD pointing upwards. With the next target at $4,093, which is 12% above the current level, the path of least resistance for Ethereum appears to be bullish.
Ethereum continues to have strong fundamentals within the crypto industry, with its DeFi TVL reaching over $71 billion and surpassing the total value locked in the other top ten networks combined. Major players in Ethereum’s DeFi network include Lido, AAVE, EigenLayer, Maker, Uniswap, Spark, and Ethena. The coin remains a dominant player in the DEX industry, handling over $3.12 trillion in volume over time, with top protocols like Uniswap, Curve Finance, Pendle, Balancer, and PancakeSwap.
Despite its challenges, Ethereum remains profitable in terms of fees, generating over $2.5 billion this year. Other top networks like Tether, Tron, Lido Finance, and Bitcoin also generate significant fees, but Ethereum remains a key player in the crypto market. Overall, Ethereum’s potential for a price surge to $10,000 is supported by its strong fundamentals, positive technical indicators, and bullish predictions from top analysts in the industry.
