A widely followed cryptocurrency analyst and trader believes that Ethereum (ETH) could go up by triple-digit percentage points from the current price.
The analyst pseudonymously known as Credible tells his 396,700 followers on the social media platform X that Ethereum could rise to a five-figure price during the current cycle.
“ETH to $10,000 minimum by end of cycle.
Realistically, significantly higher than that.
I like $20,000 because it matches Bitcoin’s 2017 top and it’s a nice, round number to target after $10,000 is breached.”
Ethereum, which is trading at $3,510 at time of writing, would need to appreciate by between 185% and 470% from the current level to reach Credible $10,000 and $20,000 price targets, respectively.
On the justifications for his bullish thesis on Ethereum, the pseudonymous analyst says,
“Just to keep it simple ETH is a higher beta version of Bitcoin, if I think Bitcoin can 2x from here realistically, then ETH should do at minimum, more than that. Even just a 3x would put us at $10,000.”
But for now, the analyst says ETH is likely to trade in a range before breaking out.
“If you’re patient, ETH will have its turn, but you need to be comfortable with it chopping about for another few months before it’s really ready for that next mega-pump to the upside.”
Based on Credible’s chart, it appears he’s suggesting that Ethereum’s price action will depend on the movement of Bitcoin (BTC).
According to the pseudonymous analyst’s chart, Ethereum is likely to bottom out at around $2,800 if Bitcoin’s support level above $63,000 holds. But if Bitcoin sinks to the $62,000 – $63,000 support level or lower, Ethereum is likely to find a bottom at around $2,130.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here