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A leading crypto analyst has released a bold prediction for Ethereum, forecasting that it will outperform Bitcoin and Solana in the coming months. Speaking to social media platform This analysis is part of a context of 6.22% drop in Ethereum price during the last seven days and a increase in Bitcoin dominance.
Analyst Says Ethereum Will Surpass Bitcoin
Ethereum has largely lagged Bitcoin in price performance since the start of the current market cycle, struggling to gain momentum above the $3,000 mark since July. Ethereum bulls have faces challenges attracting large flows, which kept the price below key levels while Bitcoin surged.
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Bitcoin recently climbed back above $67,000 and is now nearing its yearly high of $73,737. Solana has also found its way back above $170 and could continue its momentum to surpass its yearly high of $202.
However, despite Ethereum’s underperformance against these two crypto heavyweights, crypto analyst @IamCryptoWolf believes in the trend will reverse in the second half of the cycle.
The analyst provided his outlook on Ethereum with reference to the price movements on the 3-day candlestick chart. The chart shows Ethereum bouncing off the lower trendline of an ascending triangle, indicating the potential for an upward move. Therefore, the analyst predicts a complete breakout of several price resistances when momentum finally occurs on Ethereum.
If this breakout occurs, @IamCryptoWolf predicts that Ethereum will outperform Bitcoin and Solana in performance during the second half of this bull cycle. He further noted a price target range for Ethereum’s upside, placing the lower limit at $8,428, with a high-end target reaching up to $12,000. This projected breakout has sparked renewed interest in Ethereum’s ability to regain a leadership position, especially among investors who are still waiting for an Ethereum-led altcoin rally phase.
What’s next for ETH?
At the time of writing, Ethereum is trading at $2,472, having lost around 3% of its value over the past 24 hours. This type of performance has left many ETH investors uncertain about the asset’s near-term outlook. According to IntoTheBlock data, approximately 51.40% of addresses that purchased between $2,106.27 and $2,855.96 are in loss, not to mention those that purchased above $2,855.96.
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Interestingly, @IamCryptoWolf addressed this trend among ETH investors in another post on social media platform Ethereum is still optimistic despite the poor performance. The analyst explained that Ethereum’s current price movement appears to be forming either an inverse head and shoulders or an ascending triangle on the charts, both of which are traditionally considered bullish formations in technical analysis.
Featured image created with Dall.E, chart from Tradingview.com
