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A top crypto analyst has issued a bold prediction for ethereum, predicting that it will surpass bitcoin and Solana in the coming months. On social media platform This analysis occurs before 6.22% ethereum price drop in the last seven days and a continuation rise of bitcoin dominance.
Analyst Says ethereum Will Overtake bitcoin
ethereum has virtually lagged behind bitcoin in price performance since the current market cycle began, struggling to gain momentum above the $3,000 mark since July. ethereum Bulls Have faced challenges to attract significant inflows, which has kept the price below key levels while bitcoin has risen.
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bitcoin recently climbed back above $67,000 and is now approaching its yearly high of $73,737. Solana has also found its way back above $170 and could continue the momentum to surpass its yearly high of $202.
However, despite ethereum's poor performance relative to these two cryptocurrency heavyweights, cryptocurrency analyst @IamCryptoWolf x.com/IamCryptoWolf/status/1849447373598056489″ rel=”nofollow”>create the trend will reverse in the second half of the cycle.
The analyst provided his outlook on ethereum in reference to its price movements on the 3-day candlestick chart. The chart shows ethereum bouncing off the lower trend line of an ascending triangle, indicating the potential for an upward move. Consequently, the analyst projected a complete breakout of multiple price resistances when momentum finally hits ethereum.
If this breakout occurs, @IamCryptoWolf predicts that ethereum will outperform bitcoin and Solana during the second half of this bull cycle. Additionally, he noted a target price range for ethereum's rise, placing the lower limit at $8,428, with a high-end target reaching as high as $12,000. This projected breakout has sparked renewed interest in ethereum's ability to regain a leadership position, especially among investors who are still waiting for an ethereum-led altcoin recovery phase.
What's next for eth?
At the time of writing, ethereum is trading at $2,472, having lost around 3% of its value in the last 24 hours. This type of performance has left many eth investors feeling uncertain about the asset's near-term prospects. According to data from IntoTheBlock, around 51.40% of addresses that bought between $2,106.27 and $2,855.96 have losses, not to mention those that bought above $2,855.96.
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Interestingly, @IamCryptoWolf x.com/IamCryptoWolf/status/1849442508540920069″ rel=”nofollow”>addressed this trend among eth investors in another post on social media platform ethereum remains bullish despite poor performance. The analyst explained that ethereum's current price movement appears to be forming an inverted head and shoulders or ascending triangle pattern on the charts, both of which are traditionally considered bullish formations in technical analysis.
Featured image created with Dall.E, chart from Tradingview.com