Analysts predict Ether price could reach a $20,000 cycle top, with momentum building in early 2025.
In the upcoming weeks, the price of ether may experience an impending drop before continuing its steady ascent to all-time highs.
According to Cointelegraph data, as of 10:23 am UTC on Nov. 23, ether had increased by more than 33% over the previous month to trade above $3,368.
When Bitcoin hits the historic $100,000 mark, which is generally anticipated to happen by the end of November, the second-largest cryptocurrency in the world may be ready for a price drop despite its recent gains.
According to Bitget CEO Gracy Chen, Ether will have a brief correction when Bitcoin has its next major decline.
Chen stated to Cointelegraph:
“The market is already oversold, and a healthy correction might occur… Though Ethereum has not shown enough correlation following Bitcoin’s surge, any potential retracement as soon as BTC breaches the $100,000 mark might impact Ethereum.”
The forecast is made as Bitcoin is slowly approaching $100,000, unaffected by the $2.6 billion options expiry that took place on November 22.
Analyst- Ether Price To $20,000 Cycle Top In 2025
Ether is positioned for more long-term momentum in 2025, despite the possibility of a brief pullback before the year is out.
According to well-known cryptocurrency expert Wolf, Ether’s price may hit a cycle high of more than $20,000 in the upcoming year based on new technical chart patterns.
In a Nov. 22 X post to his 106,000 followers, Wolf stated, “Take this with a grain of salt, but the ETH chart is also shaping up as a compressing 3-year triangle consolidation since November 2021.”
“A measured move from this massive triangle’s breakout targets $20,000,” he stated.
Wolf’s forecast of a large price rally is supported by the ascending triangle pattern, which is frequently regarded as a bullish indication.
Ether’s 2025 rise will be sparked By Its Usefulness As Industry’s Top Smart Contract Platform
The price of ether has been trailing behind that of bitcoin. Over the past year, the price of Bitcoin has climbed by more than 164%, but that of Ether has only increased by 63%.
Nonetheless, Ethereum’s supremacy as the top smart contract blockchain will support Ether’s ascent over its previous peak.
By volume, Ethereum remains the most popular smart contract technology, and specific updates have increased its usefulness, Chen stated. According to the Bitget CEO, this paves the way for more Ether acquisitions and puts the cryptocurrency in a position to reach its highest point ever.
Despite the fact that investors are presently shifting their money into Bitcoin due to its continuous surge, Chen anticipates that Ether will rebound once Bitcoin’s velocity slows.
Before the year is out, Chen continued, “The market can expect ETH to reclaim the all-time high.”
“In the first half of post-Bitcoin halving years, Ether tends to perform positive quarterly returns against the price of Bitcoin, which could signal an optimistic sign for Ether price at the beginning of 2025,” Benjamin Cowen, CEO and Founder of ITC Crypto, wrote in a Nov. 23 X post.