Ethereum mirrors XRP’s breakout pattern – Can ETH reach $10K?

• Analysts doubled down on $10K target calls for ETH. 
• Will growing demand, as seen by strong ETH ETF flows, boost the projection? 

Market pundits have increased their calls for Ethereum’s [ETH] $10K price target. The latest call has cited XRP’s breakout, which had a similar bullish pattern to ETH’s 3-year price action.  

According to pseudonymous crypto analyst Wolf, both assets have consolidated within a 3-year compression triangle. With XRP fronting a 3x after breakout, ETH could follow through, implying a $12K target.  

Source: CryptoWolf

Record ETH ETF flows

The U.S. spot ETH ETF flows are one of the most bullish factors supporting the above projection. On the 29th of November, the products eclipsed BTC ETF flows for the first time. 

The ETH ETF netted $332.9M in inflows, the highest daily inflow since launch, while BTC ETFs logged $320M inflows.

According to SpotOnChain, the ETH ETFs saw higher positive inflows than BTC ETFs in the past week, reinforcing ETH’s outperformance over the same period. 

Source: Spot On Chain

But is the strong demand enough to push the altcoin to all-time highs (ATH)? The market repriced ETH following the bullish outcome of the US Presidential elections.

In early November, Polymarket had an 8% chance of ETH hitting a new ATH by 2024. After the elections, the odds jumped to 25% by the end of November. 

Whether ETH will soar above its last cycle high of $4.8K by December remains to be seen. However, options traders on Deribit were pricing an 18% chance of ETH hitting $10K by September 2025. 

Source: Deribit

Read Ethereum [ETH] Price Prediction 2024-2025

For December targets, options traders are betting $289 million on ETH hitting $4K, with a max pain at $2.8K (traders lose money when the level is hit). The $4.5K and $6K also saw significant bullish bets. 

That said, after the 46% rally in November, ETH was on the verge of breaking the 2024 downtrend line. The pending market structure shift could set the altcoin to eye $4K and $4.5K in the short term. 

Source: ETH/USDT, TradingView