The Ethereum chart since November 2021 has formed a triangle pattern. The likely price breakout from this consolidation zone is aimed at $20,000, says an analyst under the nickname Wolf.
Look, guys, take this with a grain of salt, but the $ETH chart is also shaping up as a compressing 3-year triangle consolidation since November 2021. A measured move from the breakout of this massive triangle targets $20k. pic.twitter.com/52p6biHRYQ
— Wolf 🐺 (@IamCryptoWolf) November 22, 2024
However, the expert urged to take his forecast with a grain of salt.
Bitget CEO Gracie Chen in an interview Cointelegraph expressed confidence that the second largest cryptocurrency by capitalization will update ATN before the end of the year.
In her opinion, this will be facilitated by the dominance of Ethereum as the leading smart contract platform and a possible influx of funds as Bitcoin’s growth slows.
Over the past 12 months, the asset has risen in price by ~63%, while digital gold has gained more than 164%.
The previous record high of $4878.26 for Ethereum quotes was recorded in November 2021. At the time of writing, the rate is ~$3404 (CoinGecko).
ITC Crypto founder Benjamin Cowen noted that Ethereum has historically demonstrated positive quarterly returns relative to digital gold in the first half of the year after halving.
The block reward was halved on April 20th.
Chen believes that Ethereum will simultaneously react to a possible pullback of Bitcoin after reaching levels above $100,000. According to her, the market is already oversold. But such a “healthy” correction will be short-term, she clarified.
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Source: Cryptocurrency
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