As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. The recent surge of Ether has certainly piqued my interest, especially given its impressive 25% rise since the start of this year and the continued optimism from industry experts.
2024 has seen Ether increase by almost 25%, but experts believe it’s still underpriced and poised for a substantial jump in value, following this week’s record-breaking rise of Bitcoin.
As a crypto investor, I firmly believe that Ethereum (ETH) could be poised for an incredible surge at this moment. This is based on my recent analysis and insights shared by the pseudonymous crypto trader known as Byzantine General in a November 6th post.
Ether due for more upside, says analysts
Since Nov. 6, Ether (ETH) has risen 9.66%, trading at $2,846, according to TradingView data.
For the first time since August, Ether surpassed the $2,800 mark. This unexpected price surge caught some traders off guard.
As a crypto investor, I’ve been trying to grasp the complexities of the market, and it seems that ETH has been outshining both Bitcoin (BTC) and Solana (SOL) in the last 24 hours, according to Miles Deutscher’s analysis on X.
Currently, crypto expert Benjamin Cowen shared with his 876,700 followers on social media that the value of Ethereum relative to Bitcoin might have hit its bottom.
In a post on November 6th, Cowen suggested that if the Ethereum-to-Bitcoin (ETH/BTC) ratio surpasses its Simple Moving Average (SMA), it’s likely that the ratio may have found its base or bottom.
On November 6th, the ETH/BTC ratio saw a 5.36% increase since November 5th, rising to 0.038, following CryptoMoon’s report that it had touched “record lows over several years” at 0.03496.
When the value of Ethereum (ETH) relative to Bitcoin (BTC) hits a perceived bottom, traders often anticipate a price increase and consider ETH as a promising investment opportunity.
Cryptocurrency trader Ryandcrypto predicts that the surge in Ether’s value towards $5,000 will likely be the most scorned and resented price increase ever recorded.
Ether’s price is a good buy, suggests an analyst
10T Holdings founder Dan Tapiero expresses conviction that the current value of Ether is undervalued, implying it’s too inexpensive compared to his belief in a potential $100,000 Bitcoin price.
In a November 6 post, Tapiero predicted that the value of Ether will surpass $8,000 within the next year.
Additionally, there’s a noticeable increase in the use of Ether, as evidenced by recent events. For instance, on November 4th, it was announced that the Michigan State Retirement System has invested in Ether-based Exchange Traded Funds (ETFs).
On November 4th, a public document submitted to the Securities and Exchange Commission revealed that Michigan’s state pension fund owns 460,000 shares in the Grayscale Ethereum Trust and an equal number of shares in the Ethereum Mini Trust managed by the same company.
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2024-11-07 09:21