Widely followed cryptocurrency analyst Credible believes that leading altcoin Ethereum could rise by triple-digit percentages from its current price.
Analyst says Ethereum could rise to a five-digit price during the current cycle. Credible said, “At the end of the cycle, ETH will rise to a minimum of $10,000. Realistically, much higher than that. “I like the $20,000 level because it matches Bitcoin’s 2017 peak and is a nice, round number to aim for after $10,000 is breached.” says.
Credible’s analysis paints a very optimistic picture about Ethereum’s future performance. The idea that it could reach $10,000 or even $20,000 in the current cycle could be an important guide for cryptocurrency investors.
Ethereum needs to gain 185 percent to 470 percent from the current level to reach credible price targets of $10,000 and $20,000, respectively. The analyst says the following about the reasons for his bullish thesis on the popular altcoin:
“To simplify, ETH is a higher beta version of Bitcoin; if I think Bitcoin can realistically do 2x more from here then ETH should at least do more than that. Even just 3 times that would get us to $10,000.”
This analysis highlights Ethereum’s strong position and potential in the cryptocurrency market. According to Credible, Ethereum has a higher beta compared to Bitcoin, indicating that it has more profit potential in uptrends. Therefore, if Bitcoin doubles, Ethereum could at least triple.
But for now, the analyst says ETH will trade in a narrow range before exploding.
“ETH’s turn will come if you’re patient, but you need to be comfortable with ETH waiting a few more months before it’s truly ready for its next mega-rise.”
According to the chart Credible shared, it seems to suggest that Ethereum’s price movement will depend on the movement of Bitcoin (BTC). According to the chart in question, if Bitcoin’s support level above $63,000 continues to be maintained, Ethereum is likely to form a bottom around $2,800. However, if Bitcoin falls to the $62,000 – $63,000 support level or lower, Ethereum is likely to find a bottom around $2,130.
Time will tell how Ethereum will perform in the coming period, but Credible’s analysis offers an important perspective that investors should follow carefully.
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