Price prediction is difficult for large-volume altcoin projects like Ethereum. This is because there is no sure way to tell where the market might turn after a major rally. Analysts have now turned to the charts to try to use technical analysis to reveal where they think ETH price could be in the coming months. With less than two and a half months to go, it has limited time to reach the sometimes optimistic price targets that analysts have set for itself. Justin Bennett is not afraid to raise the bar with $12,000.
A bright end of the year awaits the leading altcoin project, according to Justin Bennett
One of the analysts who sees a particularly bullish future for Ethereum is Justin Bennett. Bennett laid out a technical analysis in issue 96 of his newsletter. With ETH breaking $4,000 this week, all bets seem off on where its price might end up. The analyst sees a situation where Ethereum price could reach $12,000 in this cycle.
Bitcoin is a key to Ethereum
Ethereum and the broader crypto market have always followed the price of Bitcoin, and Bennett sees no deviation from this trend. In a news release on the current market movement, the analyst said that the indicators show that the price of the leading cryptocurrency could hit as high as $200,000 before the current cycle ends. If Bitcoin reaches this price point, it will appear that the ETH price has risen above 300% in response.
ETH/BTC levels for the $12,000 price range contain all the information. Bennett says that a $200,000 rally in BTC will push Ethereum to $12,000 at current ETH/BTC levels. Also, the analyst predicts that the price of ETH/BTC will rise before this bull market ends.
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