Ethereum is poised to copy XRP’s 390% rise to $7.6K.

Ethereum’s native token, Ether (ETH), is mirroring XRP’s November breakout trend, which resulted in a price boom of more than 390%.

XRP Fractal Could Drive ETH Price to $7,600.

In November, XRP broke out of a symmetrical triangle pattern formed over six years, triggering a parabolic rally from around $0.50 to above $2.94.

The $2.94 level coincides with XRP’s 1.618 Fibonacci retracement level and was acting as resistance as of December 7.

Ethereum is experiencing a similar breakout trend as XRP. In the week ending December 8, the cryptocurrency crossed the upper trendline of a three-year-old symmetrical triangle pattern.

If Ether price repeats XRP’s parabolic trend, it is likely to rise towards the 1.618 Fibonacci retracement level of around $7,636. This means that there will be a 90% rally by December 2024 or January 2025.

Ethereum’s weekly relative strength index (RSI), currently at around 67, suggests there is still room for further upside before the market reaches the overbought threshold of 70. This was roughly the same level as before the XRP price boom.

ETH will reach $15,000 by May 2025.

Market analyst “VentureFounder” predicts an “impulse breakout” for Ethereum in the coming months.

The analyst pointed out similarities between Ethereum’s current setup and the 2016-2017 cycle, predicting a repeat of the explosive moves that pushed ETH to new highs during that period.

VentureFounder’s ETH price target is $15,937 by May 2025, which would push Ethereum’s market cap above $1 trillion for the first time in history.

For this optimistic scenario, the analyst emphasized that it is important for Ethereum to have $3,800 as weekly support. A successful hold above this level would increase the likelihood of a retest of the all-time high of $4,878 in the near term, with further upside to follow.

relevant: Ethereum to surpass Bitcoin: Bybit

Ether’s bullish outlook comes amidst steadily increasing inflows into the US-based Ethereum Spot ETF (ETF), representing a sharp reversal from the net outflows observed during the initial launch phase.

As of December 6, the fund had approximately $1.42 billion worth of ether under management, up from $123 million on November 22. In particular, this fund saw steady inflows during this period, excluding the Thanksgiving holiday.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.