Analyst Forecasts $7K For Ethereum As XRP Forms Double-bottom Pattern 

The Ethereum price has climbed above $3,000 following a few days of sideways movement. Bitcoinsensus says Ethereum may hit $7,000 in the near future if the upward movement continues.

In the meantime, another analyst has spotted a positive pattern on the XRP price chart. The altcoin is developing a double-bottom structure that may lead to a reversal. In the event of a successful breakout, the XRP price can soar above $2.00 in the near future.

Ethereum Breaks Major Threshold That Suggests Major Rally 

Ethereum price has surpassed the resistance of $3,000 after experiencing sideways movements for days. According to the TradingView data, the Ethereum coin has been trading within a narrow range. 

This sideways movement began when ETH met with resistance at $3,154 and pulled back to lower levels. Bulls may come back and challenge the top resistance within the next few days, provided that they continue with the current uptrend. 

Notably, Ethereum is under high selling pressure. Spot ETH ETFs registered an outflow of $643.9 million last week, with BlackRock selling $558.1 million worth of ETH. 

Meanwhile, Santiment data reveals that the number of new addresses generated on the Ethereum network has increased. It averaged 124K in July. However, it now averages 163K in December. 

In the meantime, according to Bitcoinsensus, a trading analytics platform, Ethereum trades within an expanding channel structure.  They said that the Ethereum price might rise to $7,000 in the next few months if it adheres to the structure.

Captain Faibik, another analyst, informed his followers that Ethereum is ready to burst out of a multi-month trendline. In case this breakout succeeds, then the ETH price could increase to $4,220, the analyst added.

XRP Forms Bullish Pattern That Could Spark Rebound

Niels, a top crypto trader, says XRP is forming a double bottom on the chart. He noted that the RSI has already bottomed out and XRP price action is now showing bullish signs. 

The crypto trader also pointed out that XRP recently experienced a fakeout below a key support level before reclaiming the zone. This historic move usually precedes a price reversal. 

If broader market momentum improves, he believes the XRP price could reach the $2.3–$2.5 range in the coming weeks. This bullish formation comes as whales accumulate XRP. Data from SoSovalue, cited by Whale Insider, shows that spot XRP ETFs have recorded inflows every day since their launch.

Also, the total net assets have crossed $1.21 billion. Despite the interest from whales, the number of active addresses has taken a major hit. Glassnode data posted by Ali_Charts shows that the number of active addresses dropped from a peak of 46,000 to 38,500 over the past week.

Meanwhile, data from TradingView shows the XRP price has been consolidating between $1.95 in the past week. The region has become a strong resistance for the altcoin, repelling all bullish attempts for a breakout. 

For now, technical indicators are leaning negative. The RSI value of 42 indicates that bears are dominating and additional purchasing force is required to force a rebound.

In summary 

Ethereum’s latest breakout is a positive sign. The altcoin could climb to higher levels if bulls stand their ground. Meanwhile, XRP’s developing double bottom offers a potential rebound setup, though weak momentum and declining activity indicate that stronger buying interest is needed before a sustained upside can materialize.