As a seasoned researcher with a keen eye for market trends and a deep understanding of cryptocurrencies, I find myself intrigued by the recent predictions about Ether (ETH). The bullish sentiment surrounding Bitcoin’s imminent breach of $100,000 has many analysts, including Gracy Chen from Bitget, anticipating a short-term correction for Ether.
In simple terms, the price of Ether might experience a short-term adjustment in the upcoming weeks, but afterward, it’s likely to continue its steady climb towards even higher values.
Ethereum (ETH) surged more than 33% in the last month, reaching a trading price of over $3,368 at 10:23 am UTC on November 23, according to CryptoMoon’s data.
Even though it’s making progress, there’s a possibility that the world’s second-largest cryptocurrency might experience a price drop as soon as Bitcoin (BTC) surpasses the $100,000 mark, which many experts anticipate happening before November ends.
According to Bitget’s CEO, Gracy Chen, if Bitcoin experiences a major decline next, it could lead to a temporary drop in Ether prices as well.
Chen told CryptoMoon:
“The market is already oversold, and a healthy correction might occur… Though Ethereum has not shown enough correlation following Bitcoin’s surge, any potential retracement as soon as BTC breaches the $100,000 mark might impact Ethereum.”
The prediction comes as Bitcoin is inching closer to $100,000, unfazed by the $2.6 billion options expiry that occurred a day ago, on Nov. 22.
Ether to $20,000 cycle top in 2025 — Analyst
2024 might see a brief reversal or adjustment, but Ethereum is likely to gather speed over the long term until 2025.
According to well-known cryptocurrency analyst Wolf, it’s possible that Ethereum’s price may peak above $20,000 within the next year due to developing chart trends.
“Wolf shared an opinion in a recent post to his 106,000 followers on Nov. 22. He suggested that the chart for ETH resembles a narrowing triangle pattern over the past three years since November 2021. If this pattern breaks, he predicts it could reach $20,000.
The rising triangle configuration, typically interpreted as a positive signal, aligns with Wolf’s forecast of a substantial price surge.
Etherem’s utility as leading smart contract platform will catalyze Ether rally in 2025
In contrast to Bitcoin’s significant surge, Ethereum’s growth rate has been relatively modest. Over the past year, Bitcoin soared by more than 164%, whereas Ethereum saw an increase of approximately 63% in the same period.
On the other hand, Ethereum’s position as the primary platform for smart contracts could drive Ether’s price beyond its previous record high.
According to Bitget’s CEO, Ethereum continues to be the busiest platform for smart contracts due to a high volume of transactions. With planned updates aimed at improving its functionality, there is an increased potential for Ether acquisition and a possible return to its record-high value.
Currently, investors might be shifting their funds towards Bitcoin due to its ongoing surge, yet Chen predicts that Ether will regain strength once Bitcoin’s upward trend begins to slow down.
“The market can expect ETH to reclaim the all-time high before the end of this year,” Chen added.
According to Benjamin Cowen, CEO and Founder of ITC Crypto, Ether often sees positive quarterly returns compared to Bitcoin‘s price during the first half of years following a Bitcoin halving event. This pattern observed in post-Bitcoin halving years could be an encouraging sign for Ether’s price at the start of 2025.
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2024-11-23 14:56