Ether (ETH), the second-largest cryptocurrency in the world, is gearing up for a long term ride, according to analysts. After a solid 33% surge in November, where it reached $3,368, Ether may take a breather with a short-term correction before hitting a projected $20,000 peak next year.
Crypto Analyst Wolf on X, highlighted a three-year ascending triangle pattern in Ether’s chart, calling it a bullish signal “A measured move from the breakout of this massive triangle targets $20,000,” Wolf shared. He believes this pattern, which has been forming since 2021, shows the potential for a major breakout in 2025.
According to Gracy Chen, the CEO of Bitget “The market is already oversold, and a healthy correction might occur”. Chen thinks Bitcoin’s (BTC) popular $100,000 predicted target might put some temporary pressure on Ether.
She explained that while Ether doesn’t always follow Bitcoin’s lead, such a milestone for BTC could still ripple through the market and impact Ether’s price.
Meanwhile, Bitcoin’s journey to 100k has been steady, even shaking off a $2.6 billion options expiry last week Friday. However, crypto enthusiasts are already looking beyond the short term and predicting big things for Ethereum in the years to come.
Moreover, Ethereum’s role as the leading smart contract platform is another considered factor that is driving this long term optimism. “[Ethereum] is still the most-used smart contract protocol by volume, with targeted upgrades enhancing its utility,” said Chen. In short, this widespread adoption could push Ether to reclaim and surpass its all-time high.
Benjamin Cowen, the founder of ITC Crypto, also pointed out on X, that Ether tends to perform well against Bitcoin in the first half of post-halving years. He believes this could mean strong gains for ETH in early 2025.
At the time of writing, Ether was priced at $3,516 – a 5% increase in a day with a market cap of $423 billion, according to CoinMarketCap.
