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ETH Analysts predict that Ethereum may reach US$20,000 in the next few years
According to crypto analyst Credible Crypto, Ethereum (ETH) may hit US$20,000 in the next few years. His argument is based on factors such as Ethereum's five-year trading range, weak performance relative to Bitcoin (BTC), and the possibility of funds rotating into riskier assets.
Analysts believe Ethereum will break through the five-year range
In the "No Bs Crypto" podcast broadcast broadcast on Sunday, the analyst explained that Ethereum has been in the trading range of $1500 to $5000 for the past five years or so, touching both ends of the range many times during this period, forming what he believes is a large-level time frame range. In addition, although Bitcoin has exceeded its 2021 high, Ethereum still lags behind Bitcoin. According to Credible Crypto analysis, the ETH/BTC ratio has dropped to a level that may allow Ethereum to catch up with Bitcoin's gains.
His basic price target is US$10,000. He believes that this level can be achieved by doubling Ethereum's previous range high of about $5000, and a larger range expansion may push Ethereum to reach $8000 or even $9000, without considering other factors. The $20,000 target will be highly dependent on the price of Bitcoin. If Bitcoin remains at around $80,000 (which is currently close to that level) and the ETH/BTC ratio rebounds to its previous high of 0.156, Ethereum will exceed $12,000.
"If we adopt a more optimistic assumption and Bitcoin reaches $100,000, then Ethereum will exceed $15,000," Credible told host Kyren. "In my opinion, the most realistic scenario is for Bitcoin to break through the high of $126,000 and actually trade above that level. By then, Ethereum will exceed US$20,000 or more." The crypto trader also pointed out that Ethereum is riskier than Bitcoin, which provides room for the former to create greater returns during the bull market cycle. But his technical analysis is based on Ethereum holding a large low of about $1388.
He believes that a break below this level will negate the bullish structure. However, he believes that it is increasingly unlikely that Ethereum will fall below $1500, and estimates that there is a 90% chance that Ethereum will not return below $1900.
Altcoins may follow Ethereum's rise
The latest market data provides background for bullish views. CoinGecko data shows that as of the time of writing, Ethereum prices exceeded $2400, rising 3.5% in 24 hours and about 30% in 7 days. In addition, the increase exceeded 32% in 30 days, but it was still about 50% lower than the all-time high. Ethereum's recent single-day double-digit gains have also triggered historical comparisons, with market observer Jamie Coutts pointing out that similar gains in the past have pushed Ethereum prices up to 60% in 180 days.
Other altcoins have also begun to accelerate their gains. The sector increased by US$215 billion between August 19 and 22, and its total market value exceeded US$1 trillion. Among Binance-listed altcoins, the proportion of trading prices above the 200-day moving average also rose from 15% to 56%. According to Credible Crypto, if the market cycle continues, some assets with stronger fundamentals may outperform Ethereum and may even bring greater returns if he predicts Ethereum will rise from $2000 to $20,000 (a tenfold increase).
"I've discussed end-of-cycle goals for these altcoins, which are 30 times, 40 times, 50 times higher than the current price," he said. "I have no doubt that these goals will be achieved."
