ETH has risen above $3,900 and is showing early signs of a rally. Bitcoin’s surge above $100,000 could lead to a major breakout for altcoins, with analysts seeing Ethereum leading the rally.
As Bitcoin finally broke through the psychological $100,000 level and reached an all-time high of $103,679 on December 5, Ethereum (ETH) rose to over $3,900.
Bitcoin soars above $103,000
ETH price is up more than 5% at the time of writing after soaring to an intraday high of $3,923 on major exchanges. Ethereum’s rally comes as Bitcoin breaches a key level amid predictions of further gains.
CryptoQuant CEO Ki Yong-ju says Bitcoin’s current rally is not over yet.
“New capital is accelerating Bitcoin. As the realization ceiling expands, the price ceiling increased from $129,000 to $146,000 in 30 days. The $102,000 level is far from a bubble. It would take a 43% jump to reach a conceivable threshold,” he posted on X.
Analysts are also bullish on ETH as the breakout in BTC is likely to push the flagship digital asset to new highs. An eventual altcoin breakout could propel ETH and other coins to breakthrough levels.
ETH price prediction
Analysts have been sharing various predictions for the top altcoin by market cap in recent days. Other than the $4,000 level and the all-time high reached during the last bull market, analysts are eyeing $5,000 to $10,000 if the altcoin season happens.
Crypto analyst Miles Deutscher says ETH will drive the rise in utility coins. He also thinks Bitcoin’s rise is great news for alternatives.
“The more #Bitcoin rises, the more altcoin stocks will rise,” the analyst noted.
Entrepreneur and cryptocurrency analyst Michael Van de Poppe opined:
“Bitcoin topped $98,000 and the $100,000 barrier was quickly removed. Altcoins are suffering slightly, but as Bitcoin continues to hold strong, altcoins Just imagine it going upwards.”
Raul Pal, founder and CEO of Real Vision, said ETH could have its “nose pressed against the ceiling.” But if it breaks further, the rally could be ‘spectacular’
$ETH with its nose pressed against the ceiling…if this breaks, it will be spectacular. Perhaps retreating first to gather steam, or maybe sailing straight ahead… pic.twitter.com/0TsJMba1MA
— Raoul Pal (@RaoulGMI) December 4, 2024
ETH is currently hovering around $3,920, up 5.3% in the past 24 hours and nearly 60% in the last month.
