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A top crypto analyst has made a bold prediction for Ethereum, predicting that it will outperform both Bitcoin and Solana in the coming months. On social media platform This analysis comes in light of a 6.22% drop in the price of Ethereum in the past seven days and beyond increase in Bitcoin dominance.
Analyst Says Ethereum Will Outperform Bitcoin
Ethereum has largely lagged Bitcoin in price performance since the start of the current market cycle and has struggled to gain momentum above $3,000 since July. Ethereum bulls do faced with challenges in attracting significant inflows, keeping the price below key levels while Bitcoin soared.
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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 its momentum to break above the yearly high of $202.
However, despite Ethereum’s underperformance against these two crypto heavyweights, crypto analyst @IamCryptoWolf says believes the trend will reverse in the second half of the cycle.
The analyst gave his Ethereum outlook regarding the price movements on the 3-day candlestick chart. The chart shows Ethereum bouncing back from the lower trendline of an ascending triangle, indicating the potential for an upward move. Consequently, the analyst predicted a full breakout of multiple price resistances when momentum finally rolls into Ethereum.
Should this breakout materialize, @IamCryptoWolf predicts Ethereum will surpass Bitcoin and Solana in performance during the second half of this bull cycle. He further noted a price target range for Ethereum’s rise, with the lower bound at $8,428, with a high-end target reaching $12,000. This expected breakout has led to renewed interest in Ethereum’s ability to regain a leading position, especially among investors who are still waiting for an altcoin rally phase led by Ethereum.
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 past 24 hours. This kind of performance has left many ETH investors unsure about the asset’s short-term prospects. According to data from IntoTheBlock, approximately 51.40% of addresses that purchased between $2,106.27 and $2,855.96 are experiencing losses, not to mention those that purchased above $2,855.96.
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Interestingly enough, @IamCryptoWolf addressed this trend among ETH investors in another post on social media platform Ethereum is still bullish despite the underperformance. The analyst explained that Ethereum’s current price movement appears to be forming either an inverted head and shoulders or an ascending triangle pattern on the charts, both of which are traditionally viewed as bullish formations in technical analysis.
Featured image created with Dall.E, chart from Tradingview.com
