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- One analyst has predicted that Ethereum will hit $10,000 before the end of the year, citing Ethereum’s cyclical accumulation trend that has resulted in massive spikes in the past.
- Another analyst cautioned that ETH could first dip 10% before embarking on its bull rally, which could result in the crypto surging past its all-time high.
While the bull rally in crypto has waned in recent weeks, three analysts believe that Ethereum’s best days are still ahead. One of the analysts believes that the second-largest crypto will triple its value to hit $10,000 before the end of the year.
ETH trades at $3,110 and has traded sideways in the past day as the volume dipped 35% to $8.25 billion. The crypto has gained 6.80% in the past week, recovering from a midweek dip that saw it hit a low of $2,865.
Since the year turned, Ethereum has gained 36%, peaking at $4,066 in mid-March, its highest price since the 2021 bull rally when it set a new record at $4,860. While the gains for ETH have been incredible, it has failed to set a new record in this year’s bull market, like its peer, Bitcoin, at $73,682.
However, according to one analyst, the ATH ship hasn’t sailed yet. Known to his 49,000 followers on X as CryptoYoddha, the analyst predicts that Ethereum could still hit $10,000 this year.
The analyst pointed to Ethereum’s multi-year pattern, which breaks out after a lengthy accumulation period. Between 2018 and mid-2020, the king of altcoins accumulated for 700 days, marked by 48 bars on the price chart. After this accumulation, it skyrocketed from around $300 at the end of 2020 to hit a new all-time high north of $4,800 the following year, a 1,520% surge.
According to CryptoYoddha, the crypto has recorded a similar pattern in the past two years. While it has made gains in that time, including 36% so far this year, the analyst says that zooming out, ETH is still in an accumulation phase, as shown in the chart below.
Once it breaks free of this pattern, Ethereum could surge to a high of $15,000, aligning with the upper trendline of its price pattern from the previous cycle. This would be a 392% surge and give the crypto a market cap of $1.8 trillion, making it bigger than Facebook and twice the size of Berkshire Hathaway, the investment giant of one of crypto’s fiercest critics, Warren Buffett.
What’s Next for Ethereum?
While he may be the most bullish, CryptoYoddha isn’t the only analyst who believes ETH has more room for growth this year. Michaël van de Poppe, the Dutch trader who has made a name for himself for his apt analysis of crypto trends, also believes the second-largest crypto has heights to scale this year.
Poppe told his 719,000 followers on X that Ether “is at the end stage of the correction,” as illustrated in the graph below.
The analyst stated:
There’s around 10% more to be going down on it, as then we’re reaching a higher timeframe support level. The good times are there in a few weeks time.
