Analyst: Ethereum needs to pull back before hitting $20,000 by 2025
I've heard that Ethereum (ETH) might pull back in the coming weeks before it can push towards new highs.
As of 10:23 AM UTC on November 23, Ethereum has risen more than 33% in the past month, exceeding $3,368.
Although Bitcoin (BTC) has been rising steadily, if it truly breaks the $100,000 mark, the second-largest cryptocurrency may also need to adjust its price, and it is expected to happen before the end of November.
Gracy Chen, the head of Bitget, mentioned that if Bitcoin drops significantly, Ethereum will also have to pull back in the short term.
Chen told Cointelegraph: "The market is a bit overbought, a pullback would be healthy. Although Ethereum hasn't surged alongside Bitcoin, once Bitcoin surpasses $100,000, Ethereum should be cautious."
This prediction was made just before Bitcoin was about to break $100,000, and the expiration of $2.6 billion in options the day before had little effect.
However, analysts say that Ethereum could reach a peak of $20,000 by 2025.
A cryptocurrency mogul named Wolf stated that based on technical charts, Ethereum could hit $20,000 next year.
"Although I'm a bit reserved, the ETH chart has formed a three-year triangle consolidation since November 2021," Wolf posted on November 22 to over 100,000 followers, "breaking out of this triangle, the target is $20,000."
An ascending triangle is a bullish signal, giving basis to Wolf's prediction.
As the leading smart contract platform, Ethereum will definitely help boost Ethereum's value by 2025.
In the past year, Bitcoin has risen by 164%, while Ethereum has only increased by 63%. However, as the leader in smart contracts, Ethereum is more user-friendly after upgrades, leading to more buyers and the potential to return to its historical peak.
Currently, as Bitcoin is surging, investors may be chasing Bitcoin. But Chen said that if Bitcoin can’t rise anymore, Ethereum will come back.
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