Why Ethereum Could Hit $ 12,000 Before This Cycle Ends

Predicting prices for assets like Ethereum is tricky. This is because there is no sure way to tell where the market might turn after a massive rally. Analysts have now turned to the charts to try and use technical analysis to determine where they think the asset’s price could be in the coming months. With less than two and a half months in the year, the asset has limited time to meet the sometimes bullish price targets that analysts have set for it.

One of the analysts who sees a particularly optimistic future for Ethereum is Justin Bennett. Bennett presented a technical analysis in the 96th issue of his newsletter. With ETH breaking through the $ 4,000 mark this week, all bets seem to be open on where the price of the digital asset might end. The analyst sees a situation, however, where the price of Ethereum could reach $ 12,000 this cycle.

Bitcoin is the key

Ethereum and the broader crypto market have always followed the price of bitcoin and Bennett sees no deviation from this trend. With the current market movement, the analyst said in his newsletter that indicators show that the price of the pioneer digital currency could reach $ 200,000 before the end of the current cycle. If the asset reaches this price point, the price of ETH will certainly increase by more than 300% in response to this.

Related reading | Bullish: Number of Ethereum addresses holding 1+ ETH hits new all-time high

For the $ 12,000 price range, ETHBTC levels have all the information. A rally of $ 200,000 in BTC would put Ethereum at $ 12,000 with current ETHBTC levels, Bennett explains. In addition, the analyst sees the price of ETHBTC recover before the end of this bull market.

ETH maintains above $4,000 as market loses steam | Source: ETHUSD on TradingView.com

This is an interesting prospect given that most other analysts have opted for more “conservative” price ranges of $ 100,000 and $ 5,000 at the end of 2021. is not a way to accurately predict the market. market movement.

Ethereum between $ 15,000 and $ 20,000 is likely

Bennett takes his analysis one step further to place Ethereum at an even higher price by the end of the cycle. However, like the previous analysis, it is based on the final price of bitcoin.

Related reading | Why Grayscale CEO thinks SEC will green light an Ethereum ETF

Analysts explain that a close above $ 4,372, the previous record for Ethereum, will trigger a price discovery on the digital asset. If the price of bitcoin can exceed $ 200,000 by the end of the cycle, Bennett places the price of ETHUSDT between $ 15,000 and $ 20,000.

Ethereum has recently come incredibly close to its previous all-time high, but has encountered significant resistance to break its previous all-time high. Trends suggest the asset could hit a new all-time high before the weekend closes. If that happens, all you have to do is wait and see what happens.

Featured image from NewsBTC, chart from TradingView.com

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