Ether price is likely to face a correction in the coming weeks before recovering and moving towards new highs.
Ether (ETH) has gained more than 33% over the past month, trading above $3,368 as of 10:23 a.m. UTC on November 23, according to data from TinTucBitcoin.
ETH/USD 1-month chart. Source: TinTucBitcoin
Despite gaining ground, the world's second-largest cryptocurrency could be preparing for a price correction once Bitcoin (BTC) crosses the $100,000 mark — which is widely expected to happen before the end of November.
Bitcoin’s next significant correction will invite a short-term correction for Ether, according to Gracy Chen, CEO of Bitget.
Chen told TinTucBitcoin:
“The market is oversold, and a healthy correction is possible… While Ethereum has not shown enough correlation after Bitcoin's surge, any correction that could occur as soon as BTC crosses $100,000 could impact Ethereum.”
The prediction comes as Bitcoin inches closer to $100,000, unaffected by the $2.6 billion options expiration that took place a day earlier, on November 22.
Ether to Hit $20,000 Cycle Peak in 2025 — Analyst Predicts
While a short-term correction is possible before the end of the year, Ether is gearing up for longer-term momentum in 2025.
Based on emerging technical chart patterns, Ether price could reach a cycle top of over $20,000 next year, according to popular cryptocurrency analyst Wolf.
“Take this with a grain of salt, but the ETH chart is also forming a three-year compression triangle pattern as of November 2021,” Wolf wrote in a November 22 X post to his 106K followers. “A measured move from this massive triangle breakout would target $20,000,” he said.
ETH/USD triangle pattern. Source: Wolf
The ascending triangle pattern, generally considered a bullish indicator, supports Wolf's prediction of a significant price increase.
Ethereum's Functionality as the Leading Smart Contract Platform Will Fuel the Ether Wave in 2025
Ether price is lagging behind Bitcoin's rally. Bitcoin price has increased more than 164% over the past year, while Ether has increased only 63%.
ETH&BTC 1-year chart. Source: TinTucBitcoin
Still, Ethereum's dominance as the leading smart contract blockchain should push Ether prices above their previous highs.
“[Ethereum] remains the most used smart contract protocol by volume, with targeted upgrades increasing its use,” Chen said. This lays the groundwork for increased Ether adoption and positions it to surpass its previous record high, said the Bitget CEO.
Investors may be moving funds into Bitcoin right now as it is in a bull run, but Chen predicts Ether will recover as Bitcoin's momentum cools.
“The market can expect ETH to reach its record high again before the end of this year,” Chen added.
ETH/BTC Quarterly Returns. Source: Benjamin Cowen
Ether tends to generate positive quarterly returns relative to Bitcoin price in the first half of the years following Bitcoin's halving, which could be bullish for Ether price in early 2025, writes Benjamin Cowen, CEO and Founder of ITC Crypto, in an X article on Nov. 23.
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