Ethereum Prepares for $10K After Bitcoin’s $100K Milestone

YEREVAN (CoinChapter.com) — Bitcoin achieved a significant milestone, crossing $100,000 for the first time. This historic price movement has pushed Bitcoin’s market capitalization to nearly $2 trillion. The milestone was driven by institutional demand and corporate adoption. Companies like MicroStrategy, with holdings of 386,700 BTC worth over $38 billion, continue to lead corporate interest in Bitcoin.

The approval of spot Bitcoin ETFs in early 2024 contributed to this rally. Major players like BlackRock and Fidelity launched ETFs, amassing nearly $30 billion in assets under management. The crypto market also reacted positively to the election of President Donald Trump, whose policies are expected to support digital assets. Bitcoin surged past its previous high of $73,500 in March, eventually breaking through the $100,000 level in December.

Ethereum $10K Target Gains Attention

Ethereum’s price, following Bitcoin’s momentum, is aiming for $10K, according to market analysts. Ethereum recently rose by 6% in one week, reaching $3,642 by Dec. 3. This increase follows Bitcoin’s recovery from $90,000 to above $95,000 in late November.

For example, Crypto Faibik highlighted Ethereum’s technical setup, showing a symmetrical triangle pattern that could lead to a breakout.

Similarly, Raoul Pal noted Ethereum is testing resistance, describing its position as “pressing against the ceiling.” Both analyses suggest Ethereum could reach the $10K target if it breaks current resistance levels.

Another analyst Crypto Jelle pointed to a crucial technical shift for Ethereum. According to his chart, Ethereum has successfully turned previous resistance into support. This development strengthens its trajectory toward the $10K mark.

Institutional adoption is also playing a role in Ethereum’s recent performance. Spot Ethereum ETFs recorded stronger inflows in late November compared to Bitcoin ETFs.

Institutional Adoption and Ethereum Staking Bolster Growth

Ethereum remains a major platform for DeFi and decentralized applications. The blockchain holds over 50% of total DeFi value locked, according to DefiLlama. Rollup-based scaling solutions have further expanded activity on Ethereum’s network.

Ethereum’s staking rewards—currently offering 3.2% APY—are another key factor driving demand. Institutions, including BlackRock, are increasingly exploring tokenization projects on Ethereum, further supporting its ecosystem.

Regulatory developments in the U.S. may also enhance Ethereum’s position. Gary Gensler is stepping down from the SEC in January 2025, with Paul S. Atkins potentially taking over. A pro-crypto stance at the SEC could create a favorable environment for Ethereum-based financial products like ETFs and staking.

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