Against the backdrop of rising Bitcoin and altcoin prices, Ethereum's price seems stagnant, dropping more than 1% over the week. However, a well-known analyst made a bold prediction for Ethereum, as the ETH price will hover around $3,100. He believes Ethereum will surpass Bitcoin, following the upward trend of the S&P 500 index. Whale activity and on-chain indicators suggest that Ethereum will rise to $10,000.
Analyst predicts Ethereum price will reach $10,000, sparking heated discussion
Famous cryptocurrency analyst Ali Martinez recently predicted that the price of ETH will rise to $10,000, surpassing Bitcoin's gains. This bold Ethereum prediction is based on ETH's historical market cycles when its performance outperformed Bitcoin. However, this has not happened in the current cycle, as he implied that investors have the opportunity to buy before the uptrend begins.
"Every market cycle experiences a phase where Ethereum outperforms Bitcoin. This has not happened in the current cycle yet, but it will certainly occur," Martinez stated.
Despite the price of Ethereum pulling back 10% from the high of $3,400 on November 3, the bulls have successfully defended the strong support level of $3,000. Nearly 2.82 million addresses purchased a total of 6.14 million ETF tokens.
Martinez stated that according to the ascending channel pattern, the ETH price will first test the target of $4,000, followed by testing $6,000.
However, Martinez noted that there is another bullish story, stating that 'Ethereum might reflect the price trend of the S&P 500 index, setting a target of $10,000 for ETH.'
ETH whales continue to accumulate
Another cryptocurrency analyst IamCryptoWolf also made a similar prediction, stating that if the price breaks above $4,000, Ethereum will rise. The analyst wrote:
"Over the past 2.5 years, the momentum for ETH has been strong, with lows consistently rising. Yes, it progresses slowly, but building momentum takes time. Once it breaks $4,000, it will start to compete. The target is $10,000."
As Bitcoin's dominance remains close to 60%, the altcoin season has not yet begun, and it is still incomplete without Ethereum's participation. On the other hand, Ethereum's market value to real value (MVRV) momentum indicates that ETH still has considerable upside potential.
Additionally, since the beginning of November, Ethereum whales have been accumulating ETH coins. In just the past two weeks, whales have purchased a total of 430,000 ETH, worth up to $1.4 billion. This aligns with Martinez's prediction for Ethereum.
As of the time of publication, the price of ETH is $3,110, down nearly 1% from the previous trading day. Trading volume has decreased by 23%. Meanwhile, the total open contracts for ETH futures surged by 1% in the past 4 hours, indicating active buying activity on derivatives exchanges.
