Ethereum could see a healthy correction before resuming its uptrend
As Bitcoin breaks through $90,000 and is challenging the $100,000 round-digit mark, Ethereum ($ETH) has lagged recently, stuck near $3,300 many times and has yet to hit a new high.
According to (Cointelegraph), Gracy Chen, CEO of cryptocurrency exchange Bitget, said that once Bitcoin breaks through the $100,000 mark, it is expected to affect the trend of Ethereum and trigger a correction.
It’s worth noting that even with $2.6 billion in options expiring on November 22, Bitcoin’s gains have remained largely unaffected. As of writing today (25th), Bitcoin is quoted at $98,144, while Ethereum is quoted at $3,380.
Analysts predict: Ethereum will rise to $20,000 by 2025
While it may face a correction in the short term, cryptocurrency analyst Wolf remains bullish on Ethereum’s performance next year.
Wolf posted on the X platform (formerly Twitter) that from a technical perspective, Ethereum has formed a large triangle consolidation pattern since November 2021.
The ascending triangle pattern is often seen as a bullish signal, indicating that Ethereum may be on the verge of a major rally. Wolf further predicted that if this pattern is broken out, the top of Ethereum’s bull market is expected to reach $20,000.
Ethereum’s fundamentals are strong, and institutions are optimistic about the trend in early 2025
Ethereum has gained 63% over the past year, lagging Bitcoin’s 164% gain.
However, Gracy Chen pointed out that Ethereum is still the most used smart contract protocol, and fundamentals such as continued technical upgrades will enhance its utility, which lays the foundation for a potential rise.
Gracy Chen said that although investors may currently transfer funds to Bitcoin, which is on an upward trend, as Bitcoin's rise cools down, Ethereum is expected to return to historical highs before the end of this year.
In addition, Benjamin Cowen, CEO of cryptocurrency research institution ITC Crypto, is also optimistic.
Recently, he published an article pointing out that in the first quarter of the new year after the Bitcoin halving, Ethereum/BTC usually has positive returns. If this pattern still holds, it means that early 2025 could be a positive period for Ethereum.
Overall, analysts believe that although Ethereum may face correction pressure in the short term, with the support of Ethereum's technical development and market position, it is still expected to break through new highs in 2025 and even challenge the target price of $20,000.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reproduced with permission from: CryptoCity
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