Ethereum Follows Bitcoin Rally: What’s the Next Target for ETH?

• Credibull indicates a potential ETH rally above $2,600 and anticipates that it could happen overnight.
• In another analysis, an analyst expects a significant rise for Ethereum (ETH) as a reaction to the potential approval of BlackRock’s spot Bitcoin ETF.
• According to Coinglass data, open interest (OI) has shown continuous growth since June 2022, tracking the inflow and outflow of money entering the futures or options market.

Ethereum price is gaining momentum, following Bitcoin’s rally: What levels could come next for ETH?

Ethereum Price Gaining Momentum: What Happens Next?

Crypto analyst Credibull has once again presented his analysis on Ethereum. After predicting an accurate rise for Bitcoin from $43,000 to $44,000, the analyst is now anticipating a positive rally for ETH. This optimism aligns with other experts around Ethereum signaling a potential uptrend in the ETH ecosystem.

Credibull points to a potential ETH rally above $2,600 and predicts it could happen overnight. Additionally, he added that Ethereum would embark on a long-term uptrend, having already taken its position. In his latest post commenting on the overlap of Bitcoin’s rally with Ethereum, he stated that ETH will follow BTC. The analyst predicts that Bitcoin will surpass $50,000 next week, and Ethereum will follow the same path.

In another analysis, an analyst anticipates a significant rise for Ethereum (ETH) as a reaction to the potential approval of BlackRock’s spot Bitcoin ETF. The analyst emphasizes that the approval of this ETF could trigger a substantial increase in Ethereum demand, potentially propelling the price of Ethereum to new highs. Looking at historical patterns, the analyst suggests that if Ethereum reflects its performance in the previous bull cycle, prices could reach $4,200. Also, suggesting a more conservative increase, the analyst proposes a rise to $2,800.

Ethereum Open Interest Increased by $8 Billion

On December 8th, Ethereum’s open interest exceeded $8 billion, indicating a bullish market sentiment. According to Coinglass data, open interest (OI) has shown continuous growth since June 2022, tracking the inflow and outflow of money entering the futures or options market.

This implies that new funds are entering the derivatives market more than those leaving, a trend observed in the events of previous days. The rise in Ethereum’s price is confirmed to be in line with increasing OI, affirming a long-term bullish outlook.

At the time of writing, Ethereum’s (ETH) price was trading at $2,336, with a 24-hour trading volume of $18 billion. This represents a 0.48% increase in the past 24 hours and a 12.08% increase in the last 7 days.