Will the second brother be great again? Analyst: Ethereum tests key pattern, will soar to 'this point'
Although it may face a pullback in the short term, cryptocurrency analyst Wolf remains optimistic about Ethereum's performance next year.
Wolf posted on the X platform (formerly Twitter) stating that from a technical perspective, Ethereum has formed a large triangular consolidation pattern since November 2021.
The ascending triangle pattern is usually seen as a bullish signal, indicating that Ethereum may experience a significant surge. Wolf further predicts that if this pattern is broken, the peak of this bull market for Ethereum could reach $20,000.
However, Gracy Chen pointed out that Ethereum currently remains the most widely used smart contract protocol, and ongoing technical upgrades and other fundamentals will enhance its usability, laying the foundation for potential upward movement. While investors may currently shift funds to Bitcoin, which is in an upward trend, as Bitcoin's surge cools down, Ethereum is expected to return to its historical high before the end of this year.
In addition, Benjamin Cowen, CEO of cryptocurrency research firm ITC Crypto, also holds an optimistic view. Recently, he stated that during the first quarter after Bitcoin's halving, Ethereum against Bitcoin (ETH/BTC) usually shows positive returns. If this pattern remains effective, it indicates that Ethereum may perform optimistically in early 2025.
Overall, analysts believe that although Ethereum may face pullback pressure in the short term, supported by Ethereum's technical development and market position, it is still expected to break new highs in 2025, potentially challenging the target price of $20,000.
Now the entire market is desperately searching for Musk concepts, and right now on the top-tier Ethereum chain, there is a big golden dog, #Marvin . He is Musk's favorite dog, and Musk has frequently mentioned him in the past. A few days ago, he kept telling everyone that it has already increased fivefold, and those who haven't gotten in yet should hurry up!
