Crypto investors may need to start paying attention to Ethereum (ETH), as the cryptocurrency’s price could be gearing up for a major rally against Bitcoin. A crypto analyst predicts a potential 180% surge in the ETH/BTC trading pair, signaling that now might be an opportune time for investors to consider converting their BTC holdings to Ethereum.
Time To Swap Bitcoin For Ethereum
The price of Ethereum has been in such a significant bearish trend over the past few months that analysts have labeled it “the ultimate shitshow of this cycle.” Despite the launch of Spot Ethereum Exchange Traded Funds (ETFs), the market sentiment for ETH remains low, and its price continues to fluctuate.
Related Reading
Taking Ethereum’s price slump into consideration, a crypto analyst identified as ‘CryptoBullet,’ has declared that investors are now entering the final stage of the ETH/BTC bear market. As such, the analyst predicts a 180% surge for ETH/BTC, highlighting that it may be time for investors to begin swapping their Bitcoin for Ethereum to capitalize on ETH’s anticipated price rebound potentially.
On September 12, the analyst took to X (formerly Twitter) to discuss his observations about the ETH/BTC trading pair on the monthly chart. CryptoBullet pointed out that the ETH/BTC monthly chart highlights a longstanding recurring trend in ETH/BTC price movements over the years.
This recurring pattern is characterized by a testing phase, followed by a breakdown and accumulation period before a pump to new highs. CryptoBullet has identified this unique trend in past cycles, including between 2016 and 2017 before a major rally, again from 2018 to 2021, and now from 2022 with expectations of a strong price rebound extending into 2025.
With 2022 acting as the testing phase, and 2024 marked by an accumulation and breakdown period, CryptoBullet forecasts that the price of Ethereum relative to Bitcoin could climb to $0.0885 or $0.11. This suggests that by 2025, the price of one Ethereum may be worth around $5,109 or $6,351.
New Bullish Targets Unveiled For ETH
‘TopGcrypto,’ a crypto analyst on X has predicted that Ethereum could see a price increase to new levels before the end of the year. The analyst disclosed that Ethereum is currently experiencing strong price movements and approaching a key resistance trend line.
Related Reading
Sharing an Ethereum price chart showing its movements from July to September, TopGcrypto pointed out that the crucial resistance level is around the $3,115 price level. He indicated that if Ethereum’s price can surpass this critical trend line, it could signal a good opportunity for investors to consider going long on the cryptocurrency.
According to the analyst, such a breakout could potentially drive the price of Ethereum toward new targets of $2,560, $2780, and $3,115. It’s important to note that as of writing, the price of Ethereum is trading at $2,338, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com