Ethereum may experience healthy pullbacks, followed by a recovery in its upward trend
As Bitcoin breaks through $90,000 and challenges the $100,000 psychological milestone, Ethereum ($ETH) has recently lagged, repeatedly getting stuck around $3,300 and has yet to set a new high.
According to reports from Cointelegraph, Gracy Chen, CEO of cryptocurrency exchange Bitget, stated that once Bitcoin breaks through the $100,000 barrier, it is expected to affect Ethereum's trend, leading to a pullback.
Notably, even with the expiration of $2.6 billion in options on November 22, Bitcoin's upward momentum has not been significantly affected. As of today (25th), Bitcoin is priced at $98,144, while Ethereum is priced at $3,380.
Analysts predict: Ethereum will rise to $20,000 in 2025
Although there may be pullbacks in the short term, cryptocurrency analyst Wolf remains optimistic about Ethereum's performance next year.
Wolf stated on the X platform (formerly Twitter) that technically, Ethereum has formed a large triangle consolidation pattern since November 2021.
An ascending triangle pattern is generally viewed as a bullish signal, indicating that Ethereum may experience significant price increases. Wolf further predicts that if this pattern breaks out, Ethereum's bull market peak could reach $20,000 this time.
Source: Wolf/X Ethereum ($ETH) weekly price trend analysis
Ethereum's fundamentals are strong, and institutions are optimistic about the early 2025 trend
Over the past year, Ethereum has seen a cumulative increase of 63%, lagging behind Bitcoin's 164% increase.
However, Gracy Chen pointed out that Ethereum remains the most widely used smart contract protocol, and ongoing technological upgrades and fundamentals will enhance its utility, laying the foundation for potential increases.
Gracy Chen stated that although investors may currently shift funds to Bitcoin, which is in an upward trend, as Bitcoin's momentum cools, Ethereum is expected to return to its historical high before the end of this year.
Additionally, Benjamin Cowen, CEO of crypto research firm ITC Crypto, also holds an optimistic view.
Recently, he pointed out that in the first quarter of the new year following Bitcoin's halving, the ETH/BTC pair typically shows positive returns. If this trend remains valid, it would suggest a positive performance for Ethereum in early 2025.
Source: Benjamin Cowen/XETH/BTC quarterly return chart
Overall, analysts believe that although Ethereum may face pullback pressure in the short term, with support from Ethereum's technological development and market position, it is still expected to break new highs in 2025, potentially challenging the $20,000 target price.
【Disclaimer】The market carries risks, and investments should be made cautiously. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions herein align with their specific circumstances. Investing based on this is at one's own risk.
'The second brother will be great again! Analyst: Ethereum tests key patterns and will soar to 'this point'.” This article was first published on 'Crypto City'
