Ethereum Primed To Explode by up to 470% Amid Incoming ‘Mega Pump,’ Says Crypto Analyst
A widely followed cryptocurrency analyst and trader believes that Ethereum (ETH) could experience a massive surge in value, potentially rising by a triple-digit percentage from its current price. The analyst, pseudonymously known as Credible, predicts that Ethereum may reach a five-figure price during the current cycle.
"ETH to $10,000 minimum by end of cycle. Realistically, significantly higher than that. I like $20,000 because it matches Bitcoin’s 2017 top and it’s a nice, round number to target after $10,000 is breached."
Currently trading at $3,510, Ethereum would need to appreciate by between 185% and 470% to hit Credible's ambitious targets of $10,000 and $20,000 respectively.
Bullish Thesis on Ethereum
On the justifications for his bullish outlook, the analyst asserts, "ETH is a higher beta version of Bitcoin. If I think Bitcoin can 2x from here realistically, then ETH should do, at minimum, more than that. Even just a 3x would put us at $10,000."
However, Credible cautions that Ethereum might trade in a range before its anticipated surge. "If you’re patient, ETH will have its turn, but you need to be comfortable with it chopping about for another few months before it’s really ready for that next mega-pump to the upside."
Dependence on Bitcoin's Movement
Based on Credible’s chart, Ethereum’s price action is likely tied to the movements of Bitcoin (BTC). If Bitcoin's support level above $63,000 holds, Ethereum is likely to bottom out around $2,800. However, if Bitcoin falls to the $62,000 – $63,000 support level or lower, Ethereum could find a bottom at approximately $2,130.
Disclaimer
Opinions expressed are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility.
