Ethereum

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<ul>
 <li><em>An analyst predicted ETH’s rise towards $2,600, and further up to $3,500.</em></li>
 <li><em>Holders stand to gain 7.73% if they sell their holdings at the prevailing price.</em></li>
</ul>
<p>December started on a rollicking note for <a href="https://eng.ambcrypto.com/search/ethereum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a>. Over the weekend, the second-largest digital asset by market cap surged nearly 10%, extending the momentum it gained over the last month.</p>
<p>As of this writing, ETH was exchanging hands at <span class="sc-f70bb44c-0 jxpCgO base-text">$2,248.11, up 3.91% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>.</span></p>
<p>In a quote shared with AMBCrypto, Ryan Lee, Chief Analyst of Bitget Research, ascribed the latest upswing to strong expectations of interest rate cuts by the Federal Reserve in 2024.</p>
<p>He said:</p>
<blockquote>
 <p>“Given the potential for a recession in the U.S. economy, fund managers are predicting an 80% consensus level for a trend of interest rate reduction in 2024, marking the highest consensus level ever recorded. The crypto market has already factored in this positive news.”</p>
</blockquote>
<p>Add to this, the enthusiasm around spot exchange-traded funds (ETFs) was reaching a fervor pitch. The number of spot Ether ETF applications submitted to the U.S. Securities and Exchange Commission (SEC) rose to seven in November.</p>
<h4>Big expectations from ETH</h4>
<p>It was but natural for investors to be optimistic about ETH.</p>
<p>In a post on X (formerly Twitter) dated the 3rd of December, crypto technical analyst Ali Martinez predicted that ETH could move to $3,500, provided the weekly candlestick closed at $2,150.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a> | If <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> secures a sustained weekly candlestick close above $2,150, the path might be set for an exciting uptrend.</p>
 <p>Targets in sight? We could be looking at <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#ETH</a> marching towards $2,600, and possibly even soaring to $3,500! <a href="https://t.co/EWg3mtZeo6" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/EWg3mtZeo6</a></p>
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1731303576394142074?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 3, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Furthermore, he emphasized the relevance of the $1,900-$2,100 range in another of his posts. Previously, as many as 5.85 million addresses <a href="https://x.com/ali_charts/status/1731399703479058747?s=20" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">bought</a> 43.8 million ETH in this range, indicating a probable surge in purchasing in the days ahead.</p>
<h4>Will profit-taking interrupt the flow?</h4>
<p>Having said that, the momentum could be stemmed if traders decide to lock in gains. According to AMBCrypto’s analysis of Glassnode’s NUPL metric, all holders would make profits if they sold their assets at the time of writing.</p>
<div id="attachment_80880" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04143542/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-80880" loading="lazy" class="size-full wp-image-80880" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04143542/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl.png" alt="" width="1800" height="1013" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04143542/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl.png 1800w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04143542/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-300x169.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04143542/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-1024x576.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04143542/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-768x432.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04143542/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px"></a>
 <p id="caption-attachment-80880" class="wp-caption-text">Source: Glassnode</p>
</div>
<p style="text-align: center;">&nbsp;Realistic or not, here’s&nbsp;<a href="https://ambcrypto.com/calculator/marketcap" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ETH’s market cap in BTC’s terms</a></p>
<p>AMBCrypto digged in further using Santiment’s MVRV ratio. It came to light that all holders stand to gain 7.73% if they sell their holdings at the prevailing price.</p>
<p>It would be interesting to see if holders allow ETH to ascend or make some money after a challenging bear market.</p>
<div id="attachment_80882" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04144459/Bitcoin-BTC-14.44.37-04-Dec-2023-scaled.jpg" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-80882" loading="lazy" class="size-full wp-image-80882" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04144459/Bitcoin-BTC-14.44.37-04-Dec-2023-scaled.jpg" alt="" width="2560" height="867" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04144459/Bitcoin-BTC-14.44.37-04-Dec-2023-scaled.jpg 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04144459/Bitcoin-BTC-14.44.37-04-Dec-2023-300x102.jpg 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04144459/Bitcoin-BTC-14.44.37-04-Dec-2023-1024x347.jpg 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04144459/Bitcoin-BTC-14.44.37-04-Dec-2023-768x260.jpg 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04144459/Bitcoin-BTC-14.44.37-04-Dec-2023-1536x520.jpg 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04144459/Bitcoin-BTC-14.44.37-04-Dec-2023-2048x693.jpg 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-80882" class="wp-caption-text">Source: Santiment</p>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/ethereum-can-reach-3500-but-only-on-this-condition/" data-wpel-link="internal" target="_self">Ethereum can hit $3500, but only on this condition</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.</p>

Ethereum can hit $3500, but only on this condition

AMBCrypto

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