Key Takeaways:
- Crypto analyst saw a falling wedge formation that could take ETH over $4,500.
- Ethereum TVL is recovering to the all-time high of $145.4 billion.
- Miner balances hold over $1.8 billion worth of ETH coins.
- Experts agree with the bullish stance.
YEREVAN (CoinChapter.com) – Ether (ETH), the native token of the largest smart contract platform Ethereum, has rallied 20% so far into the final quarter of 2021.
In detail, the ETH/USD exchange rate stood at $3,613 at the London session opening bell Friday, with supportive technical and on-chain indicators hinting at more gains by the end of this year.
For instance, Twitter-based crypto analyst Insider Traders spotted a bullish pattern forming on the ETH/USDT daily chart.
The pseudonymous entity highlighted that ETH has been breaking out of a so-called Falling Wedge, a technical indicator many perceive as bullish for the underlying asset. It surfaces when the price trends downward while fluctuating inside two converging trendlines.
Nevertheless, the price ultimately breaks above the upper Wedge trendline and targets run-up towards levels located at length equal to the maximum Wedge height.
Inside traders observed the previous falling wedge in Q2-Q3, which resulted in an 86% gain for ETH. According to the technicals, the expectations call for a peak in ETH price at over 4,500 by the end of Q4.
The first target on the chart below lies at $3,678, close to the current price. Target 2 is at the psychological resistance level of $4,000. Meanwhile, the “break and explode” level for Ethereum lies at the all-time high of $4,380. However, the analyst believes the high point will not keep its ‘all-time’ status for long, as there is “more to come” for ETH.
Also read: Ethereum analysts weigh behind $13K ETH projection in Q4 as crypto market recovers.
Metrics in favor of ETH bulls
Total value locked (TVL) on Ethereum is recovering fast. After peaking on Sep 5 at $145.4 billion, the TVL dived and gained momentum in Q4. On Oct 8, it stood close to the record high, clocking at $142 billion.
Moreover, the total amount of Ether held by Ethereum miners has been rising consistently, showcasing their intention to hold the asset than sell it for other cryptos/fiat currencies.
Analytical platform Santiment registered a sharp spike on the miners’ balance chart, presented below. The research shows that the miners now collectively hold 532.75 ETH coins, approximately $1.85 billion.
Also read: Bitcoin looks to pump higher as George Soros’ fund confirms holding BTC.
Experts calling ambitious price targets by the end of Q4
Many experts also foresee a price explosion for both Bitcoin and Ethereum, which might boost the rest of the altcoins.
Raoul Pal, a veteran investor, the co-founder of the financial media company Real Vision, and the Global Macro hedge fund manager, has an optimistic stance on Q4 for both leading cryptocurrencies.
The executive put the target price of Ethereum at “at least $15,000” in a recent interview with another crypto bull, entrepreneur Anthony Polmpliano. Even though he did call his ambitions “overly bullish,” the investor claimed that the signified level is far from the limit for the alpha altcoin. In a longer timeframe, he saw the price approach $40,000.
The CEO of Galaxy Digital Holdings, Mike Novogratz, agrees, expecting “parabolic” moves from Ethereum and Bitcoin.
I literally see a scenario where we take out the highs in Bitcoin and we have one of these parabolic moves in all of crypto going into the fourth quarter.
commented the executive.
Also read: Metcalfe’s law predicts Ethereum (ETH) and Bitcoin (BTC) gains ahead, says executive
