Ethereum (ETH) has so far about was underperforming compared to leading cryptocurrency Bitcoin. However, this could change quite soon as one crypto analyst has predicted that the second largest crypto token from the market will gain some momentum quite soon.
Ethereum will reach $1900
In a Position shared on his platform X (formerly Twitter), prominent crypto analyst Ali Martinez reported that Ethereum could go as high as $1,900. His prediction was based on data he had pulled from the chart he shared in his post.
The chart (a 3-day time frame) featured one ascending triangle pattern, which usually represents a bullish formation. According to Ali, Ethereum is “ready” to recover from the hypotenuse of the ascending triangle. Most importantly, for Ethereum to reach $1,900, the analyst noted that it needs to experience a “solid close” above the 18-day SMA (Simple Moving Average).
ETH getting ready to breakout | Source: X
If this happens, Ethereum could reach $1,800 and further rise to $1,900 based on Ali’s predictions. It is worth mentioning that the last time Ethereum reached $1,900 was in July 2023. A rise to this price again would represent about a %18 increase from its current price of $1,600.
Ali also had something to say about it flagship cryptocurrency, Bitcoin. In a later one Position, 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 $30,000 on October 20, with many speculating that a Spot Bitcoin ETF approval could be on the way, representing bullish momentum for Bitcoin and the cryptocurrency market in general.
ETH price holding $1,600 | Source: ETHUSD on Tradingview.com
Bitcoin dominance is on the rise
Data by TradingView shows that Bitcoin dominance has been on the rise this year, with the token currently boasting over 52% coin dominance in the crypto market. Interestingly, it has grown steadily since then the Ethereum merger it happened
This is important since many speculate ‘the Flippening’ it could happen after the merger, where Ethereum overtakes Bitcoin to become the most dominant crypto token. However, this has not happened so far, as Ethereum’s transition from proof-of-work to proof-of-work is considered ‘destructive’ for the crypto token.
Bitcoin and Ethereum, however, share the podium when it comes to the best performing assets of the year. Both are cryptographic he said to have outperformed the NASDAQ, S&P500 and Gold. Bitcoin is up 80% year-to-date (YTD), while Ethereum is up 35% YTD.
Featured image from Analytics Insight, chart from Tradingview.com