Ether has rallied by nearly 25% since the start of 2024, but analysts still believe it is undervalued and poised to make a strong breakout after Bitcoin printed a new all-time high this week.
“I think ETH has a real shot at starting a monster rally right now,” pseudonymous crypto trader Byzantine General said in a Nov. 6 tweet.
Analysts predict more upside for Ether
Since Nov. 6, Ether (ETH) has gained 9.66%, trading at $2,846, according to data from TradingView. This marks the first time Ether has surpassed the $2,800 price level since August. Several traders have expressed surprise at the rally.
“Think big,” crypto analyst Miles Deutscher wrote in a blog post, noting that ETH is “outperforming both BTC and SOL” over the past 24 hours.
Ether’s year-to-date high is $4,066, which it hit in March. Source: TradingView
Meanwhile, crypto analyst Benjamin Cowen explained to his 876,700 YouTube subscribers that the value of Ethereum relative to Bitcoin may have bottomed out.
In a Nov. 6 tweet, Cowen explained that if the ETH/BTC ratio can “break above” its Simple Moving Average (SMA), there’s a strong possibility that it “has bottomed.”
As of Nov. 6, the ETH/BTC ratio has recovered by 5.36% since Nov. 5, reaching 0.038 after Cointelegraph reported that it had hit a “multi-year low” of 0.03496.
When the ETH/BTC ratio hits what is considered oversold levels, traders begin to speculate that a breakout could be imminent, eyeing it as a potential buying opportunity.
Crypto trader Ryandcrypto believes that Ether’s “run to $5k will be the most hated bull run ever.”
Ether’s price presents a good buying opportunity, according to one analyst
10T Holdings founder Dan Tapiero — who is bullish on Bitcoin reaching $100,000 — believes that Ether is “dirt cheap.”
“The flippening is coming,” Tapiero said in a Nov. 6 tweet, stating that Ether will “easily” surpass $8,000 next year.
Meanwhile, there are growing signs of institutional adoption for Ether. On Nov. 4, Cointelegraph reported that the Michigan State Retirement System had increased its exposure to Ether exchange-traded funds (ETFs).
In a Nov. 4 filing with the U.S. Securities and Exchange Commission, the Michigan State Retirement System revealed that it owns 460K shares of Grayscale’s Ethereum Trust and 460K shares of the asset manager’s Ethereum Classic Trust.
Stay tuned for updates on @TinTucBitcoin .
#tintucbitcoin #Write2Win #btc #binance #bitcoin $BTC $ETH $BNB
