A bold $10K Ethereum prediction is generating buzz, with analysts anticipating an S&P 500-style rally in ETH driven by whale activity.
The price of Ethereum fell more than 1% in a week, suggesting that it is stuck amid the surge in Bitcoin and other cryptocurrencies.
However, while the price of Ethereum hovers around $3,100, a well-known analyst has made a daring prediction.
He believes it will beat Bitcoin by replicating the S&P 500’s surge. On-chain indicators and whale behavior indicate that Ethereum will rise to $10,000.
Analyst’s $10K Ethereum Prediction Creates Buzz
Ali Martinez, a well-known cryptocurrency analyst, recently forecast that the price of Ethereum would rise to $10,000, surpassing the rise of Bitcoin.
Based on the past market cycle in which Ethereum surpasses Bitcoin, the audacious Ethereum prediction was made.
He alludes to a possible chance for investors to pack their bags before the rally starts, but that hasn’t happened yet in this cycle.
“Every market cycle has experienced a phase where Ethereum outperforms Bitcoin. That hasn’t happened yet in the current cycle, but it is certainly on the horizon,” Martinez stated.
The bulls have maintained firm support around $3,000 even though the price of Ethereum has corrected by 10% from its peak in November of $3,400.
Where 6.14 million ETF coins have been bought by roughly 2.82 million addresses.
Martinez stated that the price of ETH will initially test the $4,000 and $6,000 targets by the rising channel pattern.
“Ethereum could be mirroring the price action of the S&P 500, which puts a $10,000 target on ETH,” Martinez said, citing another positive narrative.
Accumulation Of ETH Whales Continues
IamCryptoWolf, another cryptocurrency analyst, also predicted that Ethereum would reach $4,000 in value.
The analyst penned:
“ETH has been building solid momentum with higher lows over the past 2.5 years. Yes, it’s moving slow, but building momentum takes time. Once it clears 4k, it’s off to the races. 10k is the target”.
Even if Bitcoin currently holds a 60% lead, the altcoin season hasn’t begun yet and isn’t complete without Ethereum’s involvement.
However, Ethereum’s Market Value to Realized Value (MVRV) Momentum indicates that there is still a lot of room for growth.
Furthermore, Ethereum whales have been hoarding ETH coins since the beginning of November.
The whales purchased 430,000 ETH, valued at an astounding $1.40 billion, in the last two weeks alone.
These are consistent with Martinez’s Ethereum prediction.
The price of ETH was $3110 at the time of writing, down about 1% from the previous day.
The volume of trading has decreased by 23%. In the meantime, purchasing activity across derivatives exchanges is indicated by the 1% increase in total ETH Futures open interest during the past four hours.
