Is The ‘God Candle’ Nearing? Analysts Weigh In
Ethereum (ETH) appears to have finally awakened from its slumber, with the second-largest cryptocurrency by market capitalization rising 8% in the past 24 hours to surpass the key price level of $3,800.
Is the ETH candle coming soon?
Ethereum’s rise appears to coincide with Bitcoin’s (BTC) decline in dominance. This important metric is tracked to measure the top cryptocurrencies’ share of the total cryptocurrency market capitalization.
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Looking at the chart below, BTC’s dominance has been declining Dramatically Over the past two weeks – it has fallen from 61.1% on November 20 to 54.9% at the time of writing. as mentioned before reportTrading firm QCP Capital highlighted BTC’s dominance slipping below 58% as a key condition that could signal the start of altcoin season.
With ETH currently trading above $3,800 levels, analysts are weighing the extent of the digital asset’s upside. Crypto Analyst @ventureFounder shared Targeting ETH on X, he said that since November 2021, ETH is forming a long-term cup-and-handle pattern. He noted that if ETH decisively breaks above $3,800, it could climb to $7,346.
Likewise, cryptocurrency analyst Ali Martinez shared his insights on ETH’s recent price action. Martinez highlighted that support at $3,300 could be a “potential buying opportunity” if the digital asset pulls back from its recent surge.
Martinez added that his mid-term target for ETH remains $6,000, while his long-term target is $10,000. The analyst also highlighted the steady growth of the Ethereum network over the past month, with more than 134,000 new Ethereum addresses being added every day.
Another crypto enthusiast, @MisterSpread famous If ETH breaks out of the $4,000 area, “there’s a good chance we could see a God Candle to $5,000.” Indeed, ETH’s breakout of a three-year downtrend and attempt to create a new all-time high (ATH) has caused excitement across the crypto industry focus on.
Ethereum fundamentals continue to get stronger
While BTC is leading much of the current cryptocurrency rally, experts believe Thanks to several positive developments in the top smart contract platform, it might be Ethereum’s time to shine. For example, the Ethereum exchange-traded fund (ETF) finally attract Large daily inflows continue to rival those of BTC ETFs.
In addition, several proposed network upgrades – including Ethereum Improvement Proposal-7781 and the possibility reduce The amount of ETH required to participate in network staking may become the catalyst for ETH to reach a new ATH.
Having said that, worry Keep Ethereum’s “Ultrasonic Currency” Narrative as Inflation Surges in Cryptocurrency Issuance Rates. As of press time, ETH is trading at $3,820, up 8 Percentage over the past 24 hours.
Featured images from Unsplash, charts from X.com and Tradingview.com
