- ETH is showing early signs of an upward rally with a rise above $3,900.
- Bitcoin climbing above $100k could trigger a major breakout for altcoins, and analysts see Ethereum leading the charge.
Ethereum (ETH) climbed above $3,900 after Bitcoin finally broke the psychological $100k level, reaching an intraday high of $103,679 on December 5.
Bitcoin price tops $103,000
ETH’s price rose more than 5% at the time of writing, reaching intraday highs of $3,923 on major exchanges.
Ethereum’s rally comes as Bitcoin clears key levels amid forecasts for further gains. Ki Young Ju, CEO of CryptoQuant, says BTC’s current rise is far from over.
“New capital is driving Bitcoin. As realized capitalization increased, the peak price rose from $129K to $146K in 30 days. At $102K, it’s far from a bubble: it would need a 43% increase to reach the threshold often considered a bubble,” he posted on X.
With BTC’s breakout likely to push the flagship digital asset to new highs, analysts are also bullish on ETH. A broader altcoin breakout could send Ethereum and other coins to record levels.
ETH price predictions
Analysts have shared a range of predictions for the largest altcoin by market capitalization in recent days. Beyond the $4,000 mark and the previous all-time high reached during the previous bull market, many eyes are on $5,000 to $10,000 in the event of a full altcoin season.
Crypto analyst Miles Deutscher says ETH will lead the rise among utility tokens and views Bitcoin’s surge as very positive for altcoins.
“The higher #Bitcoin goes, the bigger the altcoin run will be,” the analyst noted on X.
Entrepreneur and crypto analyst Michael van de Poppe added:
“Bitcoin cleared $98,000 and the $100,000 barrier fell in the blink of an eye. Altcoins are lagging a bit, but imagine the run they’ll have when Bitcoin continues to consolidate.”
Raoul Pal, founder and CEO of Real Vision, says ETH appears to have “its nose pressed against the ceiling.” If it breaks higher, the rally could be “spectacular.”
$ETH with its nosed pressed against the ceiling… if this breaks its going to be spectacular. Maybe it pulls back first to gather steam or maybe it sails straight through… pic.twitter.com/0TsJMba1MA
— Raoul Pal (@RaoulGMI) December 4, 2024
ETH is currently trading near $3,920, up about 5.3% over the past 24 hours and roughly 60% higher over the last month.