Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible?
25 Outubro 2024 - 1:00PM
NEWSBTC
A top crypto analyst has issued a bold prediction for Ethereum,
forecasting it will outperform both Bitcoin and Solana in the
coming months. Taking to social media platform X, a crypto analyst
known pseudonymously as @IamCryptoWolf highlighted that Ethereum is
still bullish, with price targets reaching up to $12,000. This
analysis comes in light of a 6.22% decline in the price of Ethereum
in the past seven days and a continued increase in the Bitcoin
dominance. Analyst Says Ethereum Will Outperform Bitcoin Ethereum
has mostly lagged behind Bitcoin in price performance since the
current market cycle began, struggling to gain momentum above the
$3,000 mark since July. Ethereum bulls have faced challenges in
attracting significant inflows, which has kept the price below key
levels while Bitcoin has surged. Related Reading: Bitcoin
Whale Numbers Return To January 2021 Bull Market Levels, Is A New
ATH Coming? Bitcoin recently climbed back above $67,000 and is now
approaching its yearly high of $73,737. Solana has also found
its way above $170 again and could continue on the momentum to
break above its yearly high of $202. However, despite Ethereum’s
underperformance relative to these two crypto heavyweights, crypto
analyst @IamCryptoWolf believes the trend is going to reverse in
the second half of the cycle. The analyst provided his Ethereum
outlook in reference to its price movements on the 3-day
candlestick chart. The chart shows Ethereum rebounding off the
bottom trendline of an ascending triangle, indicating the potential
for an upward move. Consequently, the analyst projected a full
breakout of multiple price resistances when the momentum finally
rolls into Ethereum. Should this breakout occur, @IamCryptoWolf
predicts Ethereum will surpass Bitcoin and Solana in performance
during the second half of this bull cycle. He further noted a price
target range for Ethereum’s surge, placing the lower boundary at
$8,428, with a high-end target reaching up to $12,000. This
projected breakout has sparked renewed interest in Ethereum’s
ability to regain a leading position, especially among investors
who are still waiting for an altcoin rally phase led by Ethereum.
What’s Next For ETH? At the time of writing, Ethereum is trading at
$2,472, having lost about 3% of its value in the past 24 hours.
This sort of performance has left many ETH investors feeling
uncertain about the asset’s near-term outlook. According to data
from IntoTheBlock, about 51.40% of addresses that bought in between
$2,106.27 and $2,855.96 are in losses, not to talk of those that
bought above $2,855.96. Related Reading: Bitcoin Price
Retests Bullish Channel At $65,000, Analyst Reveals What’s Next
Interestingly, @IamCryptoWolf addressed this trend among ETH
investors in another post on social media platform X. Here, he
highlighted that Ethereum is still bullish despite the
underperformance. The analyst explained that Ethereum’s current
price movement appears to be forming either an inverted head and
shoulders or an ascending triangle pattern on the charts, both of
which are traditionally seen as bullish formations in technical
analysis. Featured image created with Dall.E, chart from
Tradingview.com
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