Ethereum Positioned for ‘Monster Rally’ as Price Nears $2,900 Amid Growing Adoption

According to Cointelegraph: Ethereum (ETH) is gathering momentum for what traders are calling a “monster rally” as its price nears $2,900, marking a nearly 25% increase since the start of 2024. Despite this rise, analysts argue Ether remains “too cheap,” especially after Bitcoin’s recent all-time high.Analysts Signal Ether’s Potential UpsideOn November 6, ETH gained 9.66%, reaching $2,846, the first time crossing $2,800 since August. Pseudonymous trader Byzantine General remarked on X, "ETH has a very real chance of going on a monster rally now." Other analysts echoed this optimism, with Miles Deutscher noting ETH’s outperformance against BTC and SOL in a 24-hour span. Meanwhile, crypto analyst Benjamin Cowen pointed to Ethereum's potential reversal against Bitcoin, as the ETH/BTC ratio rebounded 5.36% to 0.038, signaling possible upside if it sustains above the Simple Moving Average (SMA).Traders and Analysts Project Higher Targets for EtherAs ETH shows signs of resilience, some analysts anticipate even higher targets. Crypto trader Ryandcrypto projected a rally to $5,000, while 10T Holdings founder Dan Tapiero suggested that Ether is “too cheap” and poised for a breakout, predicting it could exceed $8,000 in the coming year.Institutional Adoption Gains MomentumAdding to Ethereum’s bullish outlook is increased institutional interest. On November 4, the Michigan State Retirement System disclosed a significant investment in Ethereum ETFs, holding 460,000 shares each in Grayscale’s Ethereum Trust and Mini Trust, signalling institutional confidence in Ether’s long-term value.Read More:Ethereum Supply Surpasses Burn Rate Amid Reduced Revenue Why Ethereum (ETH) Price is Up Today: Key Factors Fueling the Rally Toward $3,600 Bitcoin New: Bitcoin Gears Up for FOMC Impact as BTC Price Hovers Below $76.5K Record