“Ethereum’s soaring potential is set to unleash an impressive 18% rally, with experts keeping a keen eye on the $1,900 mark as the cryptocurrency garners attention for its groundbreaking technology and widespread adoption.”
Ethereum, the second-largest cryptocurrency by market cap, has been performing relatively poorly compared to Bitcoin. However, a crypto analyst believes that Ethereum is about to make a significant market movement and rally by 18%, aiming for a milestone of $1,900.
According to prominent cryptocurrency researcher Ali Martinez, Ethereum’s price could increase to $1,900 based on an ascending triangle pattern observed on the chart. Ali suggests that Ethereum is poised to retrace off the ascending triangle’s hypotenuse, but it must close above the 18-day Simple Moving Average (SMA) to reach the $1,900 mark. If this happens, Ethereum would see a growth of nearly 18% from its current price of $1,600.
In addition to Ethereum, Ali also shared thoughts on Bitcoin. Using data from a 4-hour chart’s TD Sequential, he predicts that Bitcoin might correct to $28,800. This comes after Bitcoin reached a high of $30,000 on October 20, fueled by speculation of a Spot Bitcoin ETF approval.
Interestingly, Bitcoin has been increasing its dominance in the cryptocurrency industry, currently holding a 52% market share according to TradingView data. This is significant considering the speculation surrounding Ethereum surpassing Bitcoin in dominance following the Ethereum Merge. However, the switch from proof-of-work to proof-of-stake for Ethereum is seen as “disastrous” for the cryptocurrency token.
Despite the challenges, both Bitcoin and Ethereum are tied for first place as the best-performing assets of the year. Reports indicate that they have outpaced the NASDAQ, S&P 500, and Gold, with Bitcoin up 80% and Ethereum up 35% year-to-date (YTD).
Overall, there are indications that Ethereum is set for a rally and could reach the $1,900 milestone. It will be interesting to see how these predictions play out in the volatile cryptocurrency market.