Ethereum ecosystem revived: Will ETH reach 6 thousand dollars?

On the last trading day of the week, Ethereum (ETH) made a move and entered the weekend above $3,000 with a potential breakout.

The altcoin frenzy has begun in the crypto market. Many altcoins have approached potential resistance levels with a rise of between 20% and 30%. ETH, which has been below expectations for a long time, has paved the way for altcoins. The leader of altcoins has risen by nearly 5% in the last 24 hours, surpassing $3,000.

According to an analysis compiled by Cointelegraph, ETH is repeating price movements from previous cycles. This situation could potentially lead to a rally for ETH. The analysis predicts that ETH will rise by over 100% by the first quarter of 2025.

What are the expectations for Ethereum (ETH)?

According to Ethereum (ETH) analysis, the ETH price could reach a level between $6,000 and $6,500 by the end of the year.

As institutional investors accumulate Bitcoin through spot ETFs, spot Ethereum ETFs traded in the US have failed to meet expectations. However, spot ETH ETFs hosted a positive net inflow of $132 million between November 6 and November 7.

ETH, which has also turned into a positive flow in ETFs, has become the center of attention in the crypto market. Crypto analysts claim that ETH will make the long-awaited price movement.

Michael van de Poppe, founder of MN Consultancy, predicted in a chart analysis published on X that ETH will continue to rise. Sharing his analysis titled 'A big candle on the ETH chart', Poppe noted the following;

“Since the elections, there has been more than $230 million in inflows to Ethereum and ETH has started to rise again. I think Ethereum has performed better than Bitcoin.”

Venture capitalist Henrique Centieiro claimed that Ethereum has now entered a 'scarcity mode'. According to Centieiro's prediction, there will be an explosion in demand for ETH supply, leading to a shortage on exchanges. This situation will drive ETH into a rally.

More than 42.6% of the total ETH supply is staked on platforms. On the other hand, the amount of ETH held on exchanges has dropped to its lowest levels since 2024.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making a decision.