Originally published on: November 23, 2024
In the world of cryptocurrency, Ether is gearing up for a potential correction in the near future, before embarking on a sustainable rally towards new all-time highs.
Over the past month, Ether has seen an impressive 33% surge, pushing its price above $3,368 as of 10:23 am UTC on Nov. 23. Despite this upward momentum, analysts believe that a correction may be on the horizon once Bitcoin breaches the anticipated $100,000 milestone before the end of November.
Gracy Chen, CEO of Bitget, predicts that Bitcoin’s upcoming dip could trigger a short-term correction for Ether. However, this setback is seen as just a temporary hurdle before Ether gains significant long-term momentum leading up to 2025.
According to popular crypto analyst Wolf, technical chart patterns suggest that Ether’s price could skyrocket to over $20,000 in the next year. Wolf points to an ascending triangle formation on the chart as a bullish indicator supporting this bold prediction.
Although Ether has lagged behind Bitcoin’s price performance in recent years, its dominance as a smart contract blockchain is expected to drive its price above previous records. With targeted upgrades enhancing its utility, Ethereum remains the most-used smart contract protocol by volume, setting the stage for a resurgence in Ether’s value.
While investors may be shifting focus to Bitcoin during its current rally, Chen remains optimistic about Ether’s prospects, expecting it to reclaim its all-time high before the year’s end. Additionally, historical data suggests that Ether tends to outperform Bitcoin in the first half of post-Bitcoin halving years, hinting at a promising start for Ether in 2025.
As the cryptocurrency market continues to evolve, the path ahead for Ether appears promising as it steers towards a potential correction followed by a monumental rally towards the $20,000 mark by 2025. Stay tuned for more updates on the exciting world of cryptocurrency and innovative financial opportunities to help you navigate the digital asset landscape confidently.