ETH breaks $3,900 as Bitcoin spikes past $103k

• ETH is showing early signs of an upward rally with the surge to above $3,900
• Bitcoin’s surge past $100k could lead to a major breakout for altcoins, and analysts see Ethereum leading the surge

Ethereum (ETH) rose to above $3,900 as Bitcoin finally broke the psychological $100k level to reach its highest-ever price of $103,679 on December 5.

Bitcoin soars past $103k

The price of Ethereum was up more than 5% at the time of writing after spiking to intraday highs of $3,923 across major exchanges. Ethereum’s uptick comes as Bitcoin breaks key levels amid predictions of further gains.

Ki Young Ju, CEO of CryptoQuant, says BTC is far from done with the current surge.

“Fresh capital is fueling Bitcoin. As the realized cap grew, the ceiling price increased from $129K to $146K in 30 days. At $102K, it’s far from a bubble—it would need a 43% surge to hit the threshold often considered a bubble,” he posted on X.

With the breakout for BTC likely to push the flagship digital asset to new highs, analysts are also bullish on ETH. An eventual altcoin breakout could send ETH and other coins to landmark levels.

ETH price predictions

Analysts have shared various predictions for the top altcoin by market cap in recent days. Other than the $4,000 level and the all-time high reached during the previous bull market, analysts have their eyes on $5k to $10k if an altcoin season does happen.

Crypto analyst Miles Deutscher says ETH will lead utility coins up. He also sees Bitcoin’s rally as great news for alts.

“The higher #Bitcoin goes, the bigger the altcoin run will be,” the analyst noted.

Entrepreneur and crypto analyst Michael van de Poppe opined:

“Bitcoin broke through $98K and the $100K barrier was lifted in just a blink of an eye. Altcoins suffering slightly, but imagine the upside altcoins are going to have when Bitcoin continues to consolidate.”

Raoul Pal, founder and CEO of Real Vision, says ETH may have “its nose pressed against the ceiling.” However, should it break higher, the rally could be “spectacular”

$ETH with its nosed pressed against the ceiling… if this breaks its going to be spectacular. Maybe it pulls back first to gather steam or maybe it sails straight through… pic.twitter.com/0TsJMba1MA

— Raoul Pal (@RaoulGMI) December 4, 2024

ETH currently changes hands near $3,920, up 5.3% in the past 24 hours and nearly 60% up in the past month.