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Crypto investors may need to start paying attention Ethereum (ETH)as the cryptocurrency’s price could be preparing for a major rally against Bitcoin. A crypto analyst predicts a potential 180% increase in the ETH/BTC trading pairThis indicates that this could be a good time for investors to consider converting their BTC holdings into Ethereum.
Time to exchange Bitcoin for Ethereum
The price of Ethereum has increased to such an extent significant bearish trend that analysts have done in recent months labeled it “the ultimate shitshow of this cycle.” Despite the launch of Spot Ethereum Exchange Traded Funds (ETFs)market sentiment for ETH remains low and its price continues to fluctuate.
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Taking into account Ethereum’s price drop, a crypto analyst identified as ‘CryptoBullet’ has declared that investors now have the final phase of the ETH/BTC bear market. As such, the analyst predicts a 180% increase for ETH/BTC, highlighting that it may be time for investors to swap their Bitcoin for Ethereum to potentially benefit from ETH’s expected price recovery.
On September 12, the analyst took to X (formerly Twitter) to discuss his observations on the ETH/BTC trading pair on the monthly chart. CryptoBullet pointed out that the ETH/BTC monthly chart highlights a long-standing recurring trend ETH/BTC price movements over the years.
This recurring pattern is characterized by a test phase, followed by a breakdown and accumulation period before reaching new highs. CryptoBullet has identified this unique trend in previous cycles, including between 2016 and 2017 before a major rally, again from 2018 to 2021, and now from 2022 with expectations of a strong price recovery extending into 2025.
With 2022 serving as a test phase and 2024 marked by an accumulation and breakdown period, CryptoBullet predicts that the price of Ethereum compared to Bitcoin could rise to $0.0885 or $0.11. This suggests that the price of one Ethereum could be worth around $5,109 or $6,351 in 2025.
New Bullish Targets Revealed for ETH
‘TopGcrypto’, has a crypto analyst on X predicted That Ethereum could see a price increase to a new level before the end of the year. The analyst revealed that Ethereum is currently experiencing strong price movements and is approaching a major resistance trendline.
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TopGcrypto shared an Ethereum price chart showing the movements from July to September and pointed out that the crucial resistance level is around the $3,115 price level. He indicated that if the price of Ethereum can surpass this critical trend linethis could be a good opportunity for investors to consider going long on the cryptocurrency.
According to the analyst, such a outbreak could potentially send Ethereum price to new targets of $2,560, $2,780, and $3,115. It is important to note that Ethereum’s price stands at $2,338 at the time of writing, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
