A well-known cryptocurrency analyst and trader predicts that Ethereum (ETH) could experience a significant increase in value, potentially reaching triple-digit percentage gains from its current price.
Known by the pseudonym Credible, the analyst shares his optimistic outlook with his 396,700 followers on the social media platform X, suggesting that Ethereum could reach a five-figure price point during the current market cycle.
“ETH to $10,000 minimum by end of cycle. Realistically, much higher than that. I’m looking at $20,000 because it aligns with Bitcoin’s peak in 2017 and it’s a nice, round target after surpassing $10,000,” Credible explains.
With Ethereum currently trading at $3,510, the cryptocurrency would need to increase by 185% to 470% from its current level to reach Credible’s price targets of $10,000 and $20,000, respectively.
In support of his positive stance on Ethereum, the pseudonymous analyst states, “Simply put, ETH is a more volatile version of Bitcoin. If I believe Bitcoin can double from here, then ETH should realistically do even better. A 3x increase would easily bring us to $10,000.”
However, Credible cautions that Ethereum is likely to trade within a range before experiencing a breakout. He advises patience, suggesting that Ethereum will eventually see significant gains but may undergo choppy price movements for the next few months before a major upward trend.
Credible’s analysis indicates that Ethereum’s price movement will be influenced by Bitcoin’s performance. According to his chart, Ethereum could reach a low of around $2,800 if Bitcoin’s support level above $63,000 holds. Should Bitcoin drop to the $62,000 – $63,000 support level or lower, Ethereum is expected to find support around $2,130.
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Disclaimer: The opinions expressed by The Daily Hodl are not financial advice. Investors are advised to conduct their own research before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. All transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and is not a financial advisor. Please note that The Daily Hodl engages in affiliate marketing activities.
