The post Ethereum at $10K? Analyst Expects ETH to Mirror S&P 500 Rally appeared on BitcoinEthereumNews.com.

Ethereum (ETH) whales have increased transaction activities as analysts predict an end of the long correction. Ali Martinez has also predicted that ETH could follow in the footsteps of the S&P 500 to hit $10k by the end of the cycle. Ethereum (ETH) declines by 2.5% on the weekly chart following the recent attempt by Bitcoin (BTC) to breach its $93k all-time high. However, a renowned analyst has predicted that the asset could bounce back stronger. According to analyst Ali Martinez, ETH could outpace Bitcoin’s rally to hit $10k if it imitates historical market behavior. In his thesis, the analyst pointed out that ETH has outperformed BTC in each previous cycle. However, this is yet to be seen in the current stage. Every market cycle has experienced a phase where Ethereum outperforms Bitcoin. That hasn’t happened yet in the current cycle, but it is certainly on the horizon. Explaining this further, Martinez pointed out in a price chart that ETH is forming an ascending channel pattern, which could position the asset at $4000. Also, a successful breach of this level could send the price to $6000. Source: Ali Martinez Looking into market indicators, we discovered that the Relative Strength Index (RSI) had receded to 50 from the overbought territory. Similarly, the Awesome Oscillator (AO) was showing a red receding histogram to almost the mean level of 0. Based on our analysts’ interpretation, these are bullish signals. However, additional receding of both indicators could drag the asset back to its nearest support level of $2,780. Meanwhile, Martinez believes that there is a high possibility of ETH mirroring the price action of the S&P 500. Another Analyst Speaks on Ethereum (ETH) Subjecting the asset to further analysis, another Analyst identified as IamCryptoWolf has disclosed that Ethereum could finish the year with $4000.…

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Filed under: News - @ November 21, 2024 1:26 am