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A top cryptocurrency analyst has issued a bold prediction for Ethereum, predicting that it will overtake both Bitcoin and Solana in the coming months. Taking to social media platform This analysis comes in light of a rate of 6.22%. Ethereum price drop For the past seven days it has continued Increase in Bitcoin dominance.
Ethereum will outperform Bitcoin, analyst says
Ethereum has mostly lagged behind Bitcoin in price performance since the start of the current market cycle, and has struggled to gain momentum above the $3,000 mark since July. Ethereum bulls have it I faced challenges In attracting large inflows, which kept the price below key levels while Bitcoin rose.
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Bitcoin recently rose above $67,000 and is now approaching its yearly high of $73,737. Solana has also found its way above $170 again and could continue the momentum to surpass its yearly high of $202.
However, despite Ethereum’s poor performance compared to these two heavyweights, cryptocurrency analyst @IamCryptoWolf said Believes the trend It will reverse in the second half of the cycle.
The analyst made his forecast for Ethereum referring to price movements on a 3-day candlestick chart. The chart shows Ethereum rebounding from the lower trend line of the ascending triangle, indicating potential upward movement. Hence, the analyst expects a complete breakout of multiple price resistances when momentum finally shifts to Ethereum.
If this breakout occurs, IamCryptoWolf expects Ethereum to outperform Bitcoin and Solana during the second half of this bull cycle. He also indicated a bullish target price range for Ethereum, setting the low at $8,428, with a developing target of $12,000. This expected breakout has sparked renewed interest in Ethereum’s ability to regain its leadership position, especially among investors still waiting for the Ethereum-led altcoin rally.
What’s next for ETH?
At the time of writing, Ethereum is trading at $2,472, having lost about 3% of its value over the past 24 hours. This kind of performance has left many ETH investors feeling uncertain about the asset’s near-term outlook. According to IntoTheBlock data, about 51.40% of titles that bought between $2,106.27 and $2,855.96 are experiencing losses, not to mention those that bought for more than $2,855.96.
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Interestingly,IamCryptoWolf I addressed this trend Among ETH investors in another post on social media platform X. Here, he highlighted this Ethereum is still bullish Despite the poor performance. The analyst explained that Ethereum’s current price action appears to be forming either an inverted head and shoulders or a bullish triangle pattern on the charts, both of which are traditionally viewed as bullish formations in technical analysis.
Featured image created with Dall.E, chart from Tradingview.com