Ethereum Breaks Out of 8-Month Descending Channel, Analysts Put $4700 Target for ETH

The price of Ethereum has climbed by 4% today, reaching $3,466 after the altcoin broke out of an eight-month descending channel.

ETH’s push through the $3,000 level has enabled it to quickly push through the gears, with the coin now up by 11% in the past week and by 40% in the last 30 days.

But what’s exciting is that it’s still up by only 66% in the past year, so it has still lots of space for further gains in the coming days, as it plays catch up with other major tokens.

And some analysts are now pencilling in a target of $4,700 for the cycle, a level which certainly seems achievable given the coin’s fundamentals and the market’s general momentum.

Ethereum Breaks Out of 8-Month Descending Channel, Analysts Put $4700 Target for ETH

Posting on X, analysis account ‘Logical Trader’ noted that Ethereum had broken out of a descending channel that had lasted from early June to late November.

This is a big shift for the token, one which opens a medium- and long-term bull phase, as increasingly bullish buyers rush to accumulate it before it becomes too expensive.

And in the shorter term, other analysts have noticed that ETH has also broken out of a descending triangle, with the James CryptoGuru account consequently giving the coin a target of $4,700.

This would put Ethereum within touching distance of its current ATH of $4,878, which it reached back in November 2021.

That it still hasn’t overtaken this price during the current run is actually very bullish, since it suggests that ETH could post bigger gains than other major tokens over the next few months.

Looking at its chart today, ETH has begun a near term breakout, with its indicators showing a surge in momentum.

For example, its RSI (purple) has shot up to 70 in the past few hours, a sign of strong buying pressure.

This comes after a poor weekend showing for the coin, with its price now racing ahead of its 30- and 200-period averages today.

Not only are the indicators good, but Ethereum is one coin with the fundamentals to justify a big increase during a bull market.

Despite Solana’s recent inroads, Ethereum still accounts for over half of the total value of the entire crypto/DeFi sector, and that’s not including TVL on ETH-based layer-twos.

As such, the market is likely to correct upwards to ETH’s ‘real’ value very soon, particularly if the incoming Trump administration introduces pro-crypto legislation next year.

It’s likely to reach $4,000 by January, before beating its current ATH in Q2 2025.

Diversification with High-Potential Meme Tokens

While it does look like ETH has broken out, its status as the second-biggest token in the market could mean that it continues to experience only steady, incremental growth for much of the next year.

As such, traders looking to beat the market should also consider diversifying into smaller cap tokens, including high-utility alts and viral meme coins.

One of the most bullish new presale tokens at the moment is Catslap (SLAP), an Ethereum-based token that has launched directly to DEXes.

It listed on Uniswap last week, and is up by well over 5,000% since opening, according to price data from DEXTools.

Catslap has been able to attract attention so quickly because it’s more than your average meme coin, for one simple reason.

Namely, it boasts its own mini-game, which you can find on its official website and which invites you to click (or tap) the screen in order to make an animated cat slap a Pepe meme.

As trivial as this sounds, the game counts clicks according to nations, meaning that players may be inspired to engage more in order to make sure that their country comes out on top.

SLAP the token comes with a max supply of 9 billion SLAP, with investors currently able to buy it via Uniswap or via the coin’s website.

It’s aiming to reach a market cap of $100 million by the third phase of its roadmap, and what’s particularly bullish is that DEXTools currently puts its cap at $44 million.

It’s therefore well on its way to achieving its initial goals, so traders should act quickly before it rises in price even more.

Buy SLAP Now

The post Ethereum Breaks Out of 8-Month Descending Channel, Analysts Put $4700 Target for ETH appeared first on Cryptonews.