Ethereum has been giving tough competition to its rival, Bitcoin, as it witnesses an astronomical rise again after a steep decline in November. The ongoing upward rally in the ETH price chart has led investors to bet on an upcoming bull market.

As Ethereum’s price hovers on an upward trajectory after breaking above crucial resistance levels, it creates belief among investors that ETH is preparing to enter a bullish phase ahead. Moreover, several analysts predict that Ethereum may aim for a new all-time high as it becomes a rising star in the crypto market. 

Ethereum’s Investors Eye For A Bull Market

The price trend of Ethereum is on fire as investors continue to invest in this asset heavily despite current bearish sentiments in the market. Ethereum is slowly climbing to the North with the growing interest from institutional investors and adoption in DeFi, promising another round of bullish trends. 

Ethereum has gained much attention from whale investors to bring enough liquidity and volume to support its current uptrend. According to on-chain data provider, Glassnode, the number of millionaires in Ethereum continues to surge as addresses holding 1,000 ETH or more made a new high of 6,599 today. Hence, it can be concluded that the ETH price has more room to surge despite Bitcoin’s price flattening. 

Additionally, Glassnode noted that Ethereum’s dominance over stablecoins has seen an exponential rise and touched the highest level in three months. As ETH’s price trades above $1,600, its dominance on USDT, USDC, BUSD and DAI has seen significant growth, signifying solid interest from traders. 

ETH Price Soars To New Monthly Highs

Investors are optimistic about Ethereum’s upcoming price goals as it forms higher highs with bulls’ support. Ethereum prints long green candles in the price chart, which leads to speculation that a bullish rally may be on the horizon.

The second largest cryptocurrency by market capitalization is showing no sign of slowing down ahead of the anticipation of the Shanghai upgrade. 

A well-known crypto trader, Jerry Manders, predicts that Ethereum’s price will soon surge over the $2K price level if it gets continuous support from investors. The analyst predicted that Ethereum might smoothly climb to the range of $1,749-$2,049.

However, he forecasts a slight downward correction as ETH price may face resistance at $2K and drops below 23.6% Fib retracement to $1,547. The analyst believes investors such as Ethereum may form an ascending pattern from $1.5K and aim for a high of $2,643 by mid-February. 

However, Ethereum’s further price validation will solely depend on the market’s mood, and traders are eagerly waiting to see if ETH will continue its uptrend or make a fake breakout.