Crypto markets started November on a high, with a near uncountable number of tokens having rallied since November 2. One of the biggest gains since then has been Ethereum (ETH) who broke above the $4,500 level to hit an all-time high on November 2.
However, the rally is far from over and analysts predict that an "impulsive move" could send Ethereum price into the $6,000 to $14,000 range in the near future. And this may not take long given the way Ether has been climbing over the past few weeks.
The Rise of Ether
Ether price has surged after the recent Altair update to the Ethereum beacon chain as part of the protocol's transition to Eth2 and a proof-of-stake mechanism. This also saw over 8 million Ether being removed from circulation and staked in the Eth2 contract.
The cryptocurrency was trading as low as $2,780 on September 29, according to data from Cointelegraph. However, it put up a robust show in October with its price surging over 62.54 percent in just over a month to hit a new all-time high of $4,523 on November 2.
Analysts had earlier predicted the underlying strength in Ether and October, which proved to be great for the overall crypto market saw, Ether too surging to hit record highs. With the overall crypto market hitting a combined market cap of $3 trillion for the first time on Monday, analysts now predict Ether's bull run to not stop anytime soon.
What is Store?
According to a projection provided by Cointelegraph contributor and analysts MichaÃ«l van de Poppe, an "impulse move" could push Ether into the price range of $6,000 to $6,400 anytime, which could be as early as sometime between November 2021 and January 2022.
A word of warning for profit-takers was provided by options trader and pseudonymous Twitter user 'John Wick,' who suggested that another breakout in Ether was an imminent possibility.
That said, analysts believe that the rally won't stop at $6,400 but can move up to $14,000 in the future, which could also be in the next three month's time.
A perspective offered by on-chain analyst Matthew Hyland compares Ether's price action in 2017 with the current market structure of the cryptocurrency. If the fractal points play out then there's no stopping Ether to hit $14,000.
This year has so far been great for Ether and an "impulsive play" in the coming days can really work miracles for it.