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Could Ethereum reach $4,500 by Q1 2025? Analyst predicts a major breakout
A recent analysis suggests that Ethereum’s (ETH) price could reach the astounding figure of $4,500 by the first quarter of 2025. Yes, you read that right! The prediction comes from an esteemed analyst who has been consistently accurate in his forecasts.
According to Coinglass’ data, Ethereum’s Long/Short Ratio saw a sharp increase in the last 24 hours, indicating a significant rise in bullish sentiment. This, combined with other market indicators, is fueling speculation about a major breakout in ETH’s price.
Ali Martinez, a renowned crypto analyst, took to Twitter to share his own optimistic forecast. In a shocking revelation, he revealed that an astonishing 78.30% of traders on BitMEX with open Ethereum Futures trades are betting on the price going up! This unprecedented level of optimism could be a sign that the market is about to turn.
On top of this, EtherNasyonal, another well-respected analyst, also chimed in with his own prediction. According to him, Ethereum’s price could potentially reach $4,700 in the near future. When you consider that even conservative predictions are calling for $4,500, it is clear that the market is ripe for a massive price move.
But what exactly does this mean? It means that Ethereum’s NVT ratio has seen a sharp decline after a significant uptick. As per Glassnode data, whenever this happens, the asset typically experiences a price increase as a result of it being undervalued.
Furthermore, the exchange reserve held by the king of altcoins was also decreasing, indicating rising buying pressure on the token.
And let’s not forget the derivatives market, which is also painting a bullish picture. A rising Funding Rate suggests that traders are expecting prices to rise and will be willing to pay a premium for this prediction.
While all these indicators seem to support the idea of Ethereum reaching $4,500 by Q1 2025, it is essential to note that technical indicators remain bearish, with the MA Cross displaying a bearish advantage in the market.
Source: eng.ambcrypto.com
