Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900
21 Oktober 2023 - 7:00PM
NEWSBTC
Ethereum (ETH) has so far relatively underperformed in comparison
to the flagship cryptocurrency Bitcoin. However, that could change
soon enough as a crypto analyst has predicted the second-largest
crypto token by market to gain some momentum soon enough.
Ethereum To Hit $1900 In a post shared on his X (formerly Twitter)
platform, prominent crypto analyst Ali Martinez mentioned that
Ethereum could rise to as high as $1,900. His prediction was based
on data that he had pulled up from the chart which he shared in his
post. Related Reading: XRP Price Set To Surge Amid Heightened
Whale Accumulation The chart (a 3-day timeframe) featured an
ascending triangle pattern, which usually represents a bullish
formation. According to Ali, Ethereum is “poised” to rebound off
the hypotenuse of the ascending triangle. Most importantly, for
Ethereum to go as high as $1,900, the analyst noted that It has to
experience a “firm close” above the 18-day SMA (Simple Moving
Average). ETH getting ready to breakout | Source: X If that
happens, Ethereum could hit $1,800 and further rise to $1,900 based
on Ali’s predictions. It is worth mentioning that the last time
Ethereum hit $1,900 was back in July 2023. A rise to that price
again will represent about an %18 increase from its current price
of $1,600. Ali also had something to say about the flagship
cryptocurrency, Bitcoin. In a subsequent post, he noted that the
crypto token could see a correction to $28,800; a prediction he
made based on the TD Sequential from a 4-hour chart. Bitcoin
rose to as high as $30,000 on October 20, with many speculating
that a Spot Bitcoin ETF approval could be on the way, something
that represents a bullish momentum for Bitcoin and the crypto
market in general. ETH price holding $1,600 | Source: ETHUSD
on Tradingview.com Bitcoin’s Dominance Is On The Rise Data from
TradingView shows that Bitcoin’s dominance has been on the rise
this year, with the token currently boasting over 52% coin
dominance in the crypto market. Interestingly, it has steadily
risen since the Ethereum Merge occurred. Related Reading:
Here’s Why This Wall Street Expert Believes XRP Is Very Bullish
This is significant considering that many speculated that ‘the
Flippening’ could happen after the Merge, where Ethereum overtakes
Bitcoin to become the most dominant crypto token. However, that
hasn’t happened so far, with Ethereum’s move from proof-of-work to
proof-of-work being seen as ‘disastrous’ for the crypto
token. Bitcoin and Ethereum, however, share the podium when
it comes to the best-performing assets of the year. Both crypto
tokens are said to have outperformed the NASDAQ, S&P500, and
Gold. Bitcoin has seen an %80 increase year-to-date (YTD), while
Ethereum has seen a %35 increase YTD. Featured image from Analytics
Insight, chart from Tradingview.com
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