Ethereum has not been able to recover. While Bitcoin (BTC) and the majority of altcoins had a green week, Ethereum (ETH) is in the red.
However, popular analyst Ali Martinez made a bold ETH prediction when the ETH price was trading at $3,000.
He Listed His Targets for Ethereum (ETH)!
Arguing that Ethereum will outperform Bitcoin according to some indicators, the analyst stated that the ETH price could rise to the $ 10,000 level.
Stating that every market cycle sees a phase where Ethereum outperforms Bitcoin, the analyst said that this phase has not yet occurred in the current cycle.
Stating that this phase will definitely happen, Martinez said that ETH currently offers investors a buying opportunity before the rise.
Stating that even the MVRV indicator indicates that Ethereum has significant upside potential, the analyst stated that institutional investors have become aware of ETH’s upside potential and are turning to ETFs.
Martinez stated that whales also noticed this potential and made large purchases.
Stating that whale activity and on-chain metrics indicate an uptrend for Etheruem, Martinez said that ETH is moving in the ascending channel and the price will test the $ 4,000 targets in the first place and then $ 6,000.
“So where is Ethereum going next?
“In the face of the formation of an ascending parallel channel, ETH is likely to test the middle and upper bounds located at $4,000 and $6,000 respectively.”
Finally, Martinez offered another bullish scenario for Ethereum, arguing that Ethereum could mirror the price action of the S&P 500 and set a $10,000 target for ETH.
“But there is another theory of ascension!
“It may reflect the price action of the S&P500, which has set a $10,000 target for Ethereum.”
Every market cycle has experienced a phase where #Ethereum outperforms #Bitcoin. That hasn’t happened yet in the current cycle, but it is certainly on the horizon. As $ETH lags behind, there is an opportunity here to buy before it outperforms.https://t.co/q3yTrkgHuz
— Ali (@ali_charts) November 19, 2024
*This is not investment advice.
