Famous crypto analyst, Credibull, once again presented his past Ethereum analysis. The analyst, who was previously right about Bitcoin‘s rise from $43,000 to $44,000, also made a positive comment for ETH. The psychology within Credibull points to a potential increase in the broader ETH ecosystem and also reflects the optimism surrounding Ethereum.
Credibull’s Perspective on Ethereum’s Future
Credibull indicated a potential ETH rally that could trigger movement above the $2600 level, and suggested that this could happen overnight. He also added that Ethereum’s rise will take a long time and that he has already taken a position.
The analyst, who shared an X post today, commented on the Bitcoin rally coinciding with Ethereum’s. Accordingly, he stated that ETH will follow BTC. According to the analyst, the Bitcoin price will exceed $50,000 next week and the Ethereum price will follow this.
Another noteworthy analyst, the voice of the Altcoin Daily crypto channel Aaron Arnold, suggests that there could be a significant increase in the Ethereum price if BlackRock’s spot Bitcoin ETF is approved in a possible way.
Arnold stated that there could be a significant increase in demand if the ETF is approved in a possible way, and then Ethereum’s price could rise to new peaks. According to Arnold’s historical price movement review, if Ethereum repeats its performance in the previous rise cycle, prices are thought to be able to advance to $4,200. Even in the worst-case scenario, there is an expectation that the price will rise to the $2,800 level.
Ethereum Open Interest Increased by $8 Billion
On December 8, Ethereum’s open interest climbed above $8 billion, supporting the bull market. According to data provided by Coinglass, there has been a continuous increase in open interest (OI) since June 2022, tracking the flow of money into and out of the futures or options market.
As of writing, Ethereum’s (ETH) price was trading at $2,350.44, down 0.86%, and the last 24-hour trading volume was $18 billion. Despite the minor decline in the last 24 hours, a price increase of 12.08% was reflected in the charts over the last 7 days. Since the beginning of 2023, the ETH price has increased by 96%, which actually shows that it did not perform as well as Bitcoin (BTC).