news 
Could Ethereum Reach $4,500 by Q1 2025? Analyst Predicts Major Breakout
Ethereum’s price volatility has been on the decline in recent days, but a key metric suggests that the token may be due for a major breakout. The Long/Short Ratio on Coinglass shot up sharply over the past 24 hours, indicating that there are more long positions in the market than short positions. This increase in bullish sentiment could lead to a significant price rise.
According to popular crypto analyst Ali Martinez, an overwhelming majority of traders on BitMEX with open Ethereum Futures trades were betting on the price going up. A staggering 78.30% of these traders are optimistic about ETH’s future performance, suggesting that the token is due for a major surge.
Meanwhile, EtherNasyonal also posted a tweet suggesting that Ethereum could potentially move towards $4.7k in the near future. While this prediction may seem ambitious to some, it highlights the significant potential for growth in the cryptocurrency market.
The NVT ratio has also dropped significantly, indicating that the token is becoming undervalued and could lead to an upward price adjustment. Furthermore, Ethereum’s exchange reserve was seen dropping, which could result in a buying pressure on the asset.
In addition, the derivatives market showed signs of optimism as Ethereum’s Funding Rate rose sharply, indicating that traders expect prices to rise in the near future.
While some technical indicators still suggest a bearish trend, with the 9-day EMA well below the 21-day MA and the MACD also painting a picture of a bullish upper hand, the majority of these indicators are no longer valid given the recent surge in long positions.
Source: eng.ambcrypto.com
