As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs. The current trajectory of Ethereum (ETH) is one that piques my interest, to say the least. After observing its impressive 33% surge last month and the formation of a three-year ascending triangle pattern, I am inclined to agree with analyst Wolf X’s bullish outlook.
The second most prominent digital currency globally, Ether (ETH), is anticipated by experts to embark on a long-term journey. Following a robust 33% increase in November, which saw it reach $3,368, there might be a temporary dip for Ether as it corrects itself in the short term. However, predictions suggest that it could potentially reach an impressive high of $20,000 by next year.
crypto analyst Wolf pointed out a three-year ascending triangle formation on Ether’s price chart, indicating a positive outlook. According to his analysis, a breakout of this pattern could potentially lead to an upward surge towards $20,000. He forecasts that this significant breakout might occur as late as 2025.
In Gracy Chen’s view, as the CEO of Bitget, she believes that the current market conditions indicate an oversold state, potentially leading to a period of correction. Furthermore, she speculates that Bitcoin‘s (BTC) widely-anticipated $100,000 price point could exert some temporary stress on Ether.
She pointed out that although Ether often doesn’t mimic Bitcoin’s actions, a significant event in Bitcoin might still create waves throughout the market, potentially influencing the value of Ether.
While Bitcoin’s progression towards 100k has remained consistent, it managed to brush off a significant $2.6 billion options expiry from last Friday. Yet, crypto devotees are peering past the immediate future and anticipating great things for Ethereum in the upcoming years.
Another significant factor fueling this long-term optimism is Ethereum’s status as the dominant platform for smart contracts. As Chen stated, “Ethereum remains the busiest smart contract protocol in terms of volume, with planned updates set to further boost its usefulness.” In essence, the widespread use of Ethereum could potentially lead it to surpass its previous record high.
According to Benjamin Cowen, the creator of ITC Crypto, he noted on platform X that Ether often experiences growth compared to Bitcoin during the initial part of years following a halving event. He posits that this trend might suggest significant increases for ETH in early 2025.
Currently, Ether is valued at around $3,516. This represents a 5% rise from the previous day’s price. As per CoinMarketCap, its total market capitalization stands at approximately $423 billion.
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2024-11-27 19:00