Key Reasons Why Ethereum Is ‘Destined’ To Rocket Past $10,000 This Cycle — Analyst ⋆ ZyCrypto
The post Key Reasons Why Ethereum Is ‘Destined’ To Rocket Past $10,000 This Cycle — Analyst ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Ethereum’s native token, Ether (ETH), has rallied over 12% since slumping to $2,460 on Feb. 3, following the crypto market’s drawdown. While most altcoins have struggled to master meaningful recovery, ETH has received plaudits for its bullish outlook. With sentiment turning in favor of the largest altcoin, one analyst believes that ETH is “destined” for a breakout to $10,000 this cycle. Data Suggests New Ether All-Time Highs Could Be Around The Corner In a recent post on X, analyst Ted Pillows compared Ether’s current price action to Bitcoin’s movement during the previous bull market cycle, observing a familiar bullish pattern. Pillows point to historical data that suggests that in the 2015-2017 bull cycle, the price of Bitcoin reached a bear market bottom at around $200-$205. After a period of rangebound action and extreme volatility, the crypto ultimately broke out in a parabolic rally toward $780, representing a new historic high at the time. According to Pillows’ analysis, Ethereum is mirroring a similar course, having completed its accumulation and recently breaching stubborn resistance levels. Ether has also undergone considerable volatility recently, exacerbated by broader crypto market sell-offs that pulled its price below the psychologically important $3,000 price point. Advertisement   Bitcoin has risen by 90.5% in the last year. By contrast, Ether has plunged by 6.2% during the same timeframe. While BTC hit a fresh all-time high of $108,786 last month, ETH has yet to surpass its current record price of $4,878, which was registered back in November 2021. Still, Pillows listed some factors that could buoy the second-largest cryptocurrency’s bullish outlook. Ethereum Eyes $10,000 He cited Ethereum’s total value locked (TVL) and stablecoin liquidity dominance. As of press time, ETH remains the decentralized finance (DeFi) king, capturing over 52% of the total DeFi market’s TVL. The pundit…
Filed under: News - @ February 22, 2025 6:26 pm