Ethereum Expected to Outperform Bitcoin, Could Hit $12,000?

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A leading cryptocurrency analyst has made an assertive prediction for Ethereum, suggesting that it will surpass both Bitcoin and Solana in the coming months. In a recent post on social media platform X, the analyst known as @IamCryptoWolf emphasized that Ethereum remains optimistic, with price targets potentially reaching as high as $12,000. This forecast follows a 6.22% decrease in Ethereum’s price over the past week and an ongoing rise in Bitcoin’s dominance.

Analyst Predicts Ethereum Will Surpass Bitcoin

Since the start of the current market cycle, Ethereum has generally trailed behind Bitcoin in price performance, struggling to break above the $3,000 level since July. Ethereum bulls have encountered obstacles in drawing significant capital inflows, resulting in the price being held down while Bitcoin has thrived.

Bitcoin has recently recovered above $67,000 and is nearing its yearly high of $73,737. Similarly, Solana has risen above $170 again and might continue its ascent to breach its annual peak of $202.

Despite Ethereum’s underwhelming performance compared to these two major cryptocurrencies, analyst @IamCryptoWolf believes that the trend is set to change in the latter half of the cycle.

The analyst shared insights about Ethereum’s potential in connection to its price actions on the 3-day candlestick chart. The chart illustrates Ethereum bouncing off the lower trendline of an ascending triangle, indicating a likelihood for an upward trend. As a result, the analyst anticipated a comprehensive breakout from various price resistances when momentum shifts towards Ethereum.

If this breakout materializes, @IamCryptoWolf forecasts that Ethereum will lead in performance over Bitcoin and Solana during the second half of this bull market. He further outlined a price target range for Ethereum’s upswing, estimating a lower limit of $8,428 and a higher limit of up to $12,000. This anticipated breakout has rekindled interest in Ethereum’s potential to reclaim a leading role, especially among investors eager for an altcoin rally driven by Ethereum.

What Lies Ahead for ETH?

As of this moment, Ethereum is trading at $2,472, having declined about 3% in value over the last 24 hours. This performance has left many ETH investors feeling unsure about the short-term prospects of the asset. Data from IntoTheBlock indicates that approximately 51.40% of addresses that acquired ETH between $2,106.27 and $2,855.96 are experiencing losses, not to mention those who purchased above $2,855.96.

Interestingly, @IamCryptoWolf discussed this situation among ETH investors in another post on social media platform X. He highlighted that Ethereum remains bullish despite the recent underperformance. The analyst clarified that Ethereum’s current price movement is suggesting the formation of either an inverted head and shoulders or an ascending triangle pattern, both of which are typically seen as bullish signals in technical analysis.