Ether fractals target $5K, Avalanche raises $250M Finance Redefined
2024-12-14
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Ether is setting up for a rally above $5,000, coined as a “minimum target” by crypto analysts anticipating a cycle top above $15,000 for the world’s second-largest cryptocurrency.
In the wider crypto space, Avalanche closed a $250 million private locked-token sale from over 40 companies ahead of Avalanche9000, purportedly the most important upgrade in the layer-1 blockchain network’s history. 
Ether to $5,000 on fractals, BlackRock ETH ETF holdings 2x with $500 million buy
Ether could see a rally to over $5,000, based on technical chart patterns, as analysts predict its bullish momentum may extend until the end of 2025.
The Ether ETHUSD price could surge above the $5,000 all-time high, driven by its correlation with Bitcoin BTCUSD, which surpassed $100,000 for the first time on Dec. 5.
Ether’s rally to a $5,000 record high may be a “minimum target,” according to fractal patterns shared by popular crypto analyst Titan of Crypto in a Dec. 6 X post.
In crypto trading, technical traders use price fractal patterns to identify key support and resistance levels and potential trend reversals based on historical data.
Increasingly, analysts are bullish on Ether price, with some predicting an “impulse breakout” to $15,000 by the end of 2025.
Avalanche raises $250 million ahead of Avalanche9000 launch
Layer-1 blockchain Avalanche announced the closure of a $250 million private locked-token sale led by Galaxy Digital, Dragonfly and ParaFi Capital on Dec. 12. 
More than 40 companies joined the token sale, including SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective and others. 
The raise comes ahead of the launch of the Avalanche9000 network upgrade, purported to be the most significant upgrade in Avalanche’s history. 
Telegram founder Pavel Durov questioned in Paris court for first time: Report
Pavel Durov, the founder of Telegram, was reportedly questioned in a Paris court for the first time regarding a legal case involving allegations of the messenger app facilitating criminal activity.
Durov appeared in a Parisian court at 10:00 am CET on Dec. 6, alongside his lawyers David-Olivier Kaminski and Christophe Ingrain.
An anonymous source familiar with the matter told the Agence France-Presse (AFP) that the questioning focused on allegations tied to Telegram’s potential use for illicit transactions.
When asked about the legal proceedings, Durov reportedly told the AFP that he “trusts the French justice” system but refused to elaborate on the case.
Tether’s USDT approved as accepted virtual asset in Abu Dhabi
The Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority officially recognized Tether’s USDt (USDT) stablecoin as an accepted virtual asset (AVA).
With the approval, licensed financial service providers within the ADGM can offer services related to USDT to facilitate its integration into regulated financial ecosystems.
The recognition covers USDT issued on multiple blockchains — including Ethereum, Solana and Avalanche — and aligns with the United Arab Emirates’ strategy to become a global hub for digital finance.
Eigen Foundation commits 1% of EIGEN supply to ETH Protocol Guild
The Eigen Foundation announced that it will allocate 1% of the EIGEN token supply to the Protocol Guild — a group of core developers responsible for maintaining the Ethereum layer-1 blockchain.
According to the Eigen Foundation, the funds will be used to support the continued work of the Protocol Guild, which currently has 180 members from 29 teams.
EigenLayer is a restaking protocol on Ethereum, which allows Staked Ether (STETH) and other assets to be repurposed and staked multiple times. This gives investors additional yield opportunities while allowing other protocols to leverage Ethereum’s security.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.
Of the top 100, Worldcoin (WLD) fell nearly 22% marking the week’s biggest decline, followed by the EOS (EOS) token down over 21% on the weekly chart.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.