In the cryptocurrency realm, Ether (ETH), the second-largest digital currency globally, is poised for a significant long-term journey, as per the insights of analysts. November witnessed a remarkable 33% upswing, with its price reaching $3,368. However, it might experience a brief pause and a short-term correction before potentially ascending to an anticipated peak of $20,000 in the coming year.
Crypto Analyst Wolf, on the platform X, spotlighted a three-year ascending triangle formation in Ether’s price chart, deeming it a bullish omen. “A measured move from the breakout of this substantial triangle points towards $20,000,” Wolf noted. He contends that this pattern, which has been evolving since 2021, indicates the likelihood of a major price breakout in 2025.
Gracy Chen, the CEO of Bitget, opined that “The market is already in an oversold state, and a healthy correction could be on the cards.” Chen also believes that Bitcoin’s (BTC) highly anticipated $100,000 target might exert some momentary pressure on Ether. She elaborated that although Ether doesn’t invariably mirror Bitcoin’s movements, such a significant milestone for BTC could still have a cascading effect on the market and influence Ether’s price.
Concurrently, Bitcoin’s progression towards the $100,000 mark has been relatively stable, even shrugging off a $2.6 billion options expiry last Friday. Nevertheless, crypto aficionados are already peering beyond the short-term and forecasting a bright future for Ethereum in the ensuing years.
Furthermore, Ethereum’s standing as the premier smart contract platform is an additional factor fueling this long-term optimism. “Ethereum remains the most widely utilized smart contract protocol in terms of volume, and its targeted upgrades are augmenting its functionality,” Chen stated. In essence, this extensive adoption could propel Ether to reclaim and even exceed its all-time high.
Benjamin Cowen, the founder of ITC Crypto, also indicated on X that Ether has a tendency to perform favorably in comparison to Bitcoin during the first half of the years following a halving. He speculates that this could translate into robust gains for ETH in the early part of 2025.
As of the time of this writing, Ether was trading at $3,516, reflecting a 5% daily increase and sporting a market capitalization of $423 billion, according to CoinMarketCap.
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