Ethereum is struggling to recover compared to other cryptocurrencies. While Bitcoin (BTC) and the general altcoin market are having a strong week, Ethereum (ETH) continues to lose value.
However, renowned analyst Ali Martinez made a bold prediction when the ETH price was trading at $3,000 levels.
Bullish Targets for Ethereum (ETH)
The analyst predicted that Ethereum would outperform Bitcoin based on some indicators and stated that the ETH price could go up to $10,000.
Martinez noted that in every market cycle, there is a period where Ethereum outperforms Bitcoin, but that this has not yet occurred in the current cycle.
The analyst emphasized that this phase is inevitable and said that ETH currently offers investors a buying opportunity before a potential rise.
Stating that the MVRV indicator also indicates that Ethereum has a great upward potential, Martinez said that institutional investors have realized the potential of ETH and have started to turn to ETFs.
In addition, Martinez stated that whales also took advantage of this opportunity and increased their ETH purchases. Stating that whale movement and on-chain analysis indicate an increase for Ethereum, the analyst predicted that ETH is moving within an ascending channel and the price could reach the levels of $ 4,000 and then $ 6,000, respectively.
What Will Be the Future of Ethereum?
Based on the ascending parallel channel pattern, Martinez noted that ETH will test the middle and upper limits located at $4,000 and $6,000.
Finally, Martinez offered another bullish theory for Ethereum, arguing that ETH could rise to $10,000, mirroring the price action of the S&P 500. “The $10,000 target for Ethereum could be parallel to the price action of the S&P 500,” he said.