Head of Macro Research Julien Bittel The prediction is that the Ethereum It is possible that the asset will reach $20,000, but it’s not guaranteed. Bittel claims that Ethereum’s market structure is similar to previous patterns in 2023. Following these patterns may result in an identical rally.
TradingView’s data indicates that Ethereum is showing consistent accumulation. The accumulation of mass is usually a precursor to a major breakout. Bittel predicts that prices will continue to rise in a parabolic fashion and return to their historic pattern of last year. ETH was trading at $2.638,96 as of press time. This is an increase of 6% over the last week. The asset has been able to hold its value at $3,000, but this level is the final resistance.
Due to growing crypto adoption, the cryptocurrency market is experiencing a bullish trend. Bitcoin’s popularity is currently on the upswing thanks to the revival of crypto ETFs and the fact that crypto has become a hot topic on a regulatory basis. Ethereum will continue to rise as long as the market is bullish.
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Ether could trigger a reverse pattern if it breaches the $3,000 level of resistance. It might then begin to rise to new heights. An extreme surge of $20,000 is possible, since that’s over four times the Ethereum ATH. Despite the fact that it’s not impossible, current market pressure and buying pressure make this possible. Positive outcomes such as the crypto cases won against SEC, and Spot Ethereum ETFs’ success, may boost ETH beyond its current value. Ethereum, and other markets, could also flourish as Bitcoin rallies.
Ethereum currently has a better performance than Bitcoin. The latter is therefore in an excellent position. In the last seven days, Ethereum’s price has increased by more than Bitcoin. The ETH/BTC is also up 7% within the past week, according to TradingView’s data. On September 23, the ratio reached a new three-week record of 0.0424. It could take several months for ETH’s price to hit $20,000. If the historic rise of Bitcoin in March 2024 serves as an indicator, then nothing for Ethereum is outlandish.
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Source: watcher.guru
