In the current crypto market, Ethereum has been enduring a challenging period, lagging behind Bitcoin and other altcoins. But crypto analyst Ali Martinez has a startling forecast. He anticipates that Ethereum ($ETH) is on the verge of outshining Bitcoin ($BTC). His research indicates that Ethereum is set for a significant upsurge, with a potential target of reaching $10,000.
Martinez notes that in each market cycle, there is a stage where Ethereum outpaces Bitcoin. Although it has not occurred in this cycle so far, it is imminent. Ethereum’s current underperformance relative to Bitcoin offers investors a chance to acquire it before prices skyrocket.
The analysis is substantiated by Ethereum’s Market Value to Realized Value (MVRV) Momentum, which implies that ETH still has substantial room for growth.
Astute investors have detected a substantial change in spot Ethereum ETFs. In the past two weeks alone, these ETFs have transitioned from a selling spree to an accumulation phase, with over $147 million now invested in ETH.
Data reveals that Ethereum whales have been actively amassing the asset. In the last two weeks, these whales have snapped up more than 430,000 ETH, valued at around $1.40 billion.
According to Martinez, Ethereum is presently forming an ascending parallel channel, with price objectives spanning from $4,000 to $6,000. However, the most audacious prediction is that Ethereum could mimic the S&P 500’s rally and ascend to the $10,000 mark. This optimistic projection is buttressed by the price movements of both ETH and the S&P 500, which have exhibited comparable recovery trends since late 2022.
Another crucial aspect is the robust support levels that Ethereum has maintained. The $3,000 level has held firm, as 2.82 million addresses have amassed over 6.14 million ETH at this price. The second vital support level is at $2,400, which is the lower border of the ascending channel.
Martinez’s projection is not solely founded on historical cycles. There is a more extensive market transformation underway. Ethereum has been gathering solid momentum, and the MVRV Momentum signals further potential for expansion.
As Ethereum persists in building support and gathering steam, analysts like @IamCryptoWolf concur that once ETH surpasses the $4,000 threshold, a rally towards $10,000 could be on the cards.
Ethereum’s capacity to mirror the S&P 500’s performance lends credence to the $10,000 prediction. If ETH follows a similar path, it could effortlessly surge by over 300% from its current approximate level of $3,100. The latest on-chain data corroborates this, demonstrating that nearly 23% of Ethereum wallets are presently in profit.
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