Time To Convert Bitcoin To Ethereum? ETH/BTC Charts Gears Up For 180% Surge
14 September 2024 - 2:00AM
NEWSBTC
Crypto investors may need to start paying attention to Ethereum
(ETH), as the cryptocurrency’s price could be gearing up for a
major rally against Bitcoin. A crypto analyst predicts a potential
180% surge in the ETH/BTC trading pair, signaling that now might be
an opportune time for investors to consider converting their BTC
holdings to Ethereum. Time To Swap Bitcoin For Ethereum The
price of Ethereum has been in such a significant bearish trend over
the past few months that analysts have labeled it “the ultimate
shitshow of this cycle.” Despite the launch of Spot Ethereum
Exchange Traded Funds (ETFs), the market sentiment for ETH remains
low, and its price continues to fluctuate. Related Reading:
XRP Price To Reach $40? Crypto Analyst Says You Should Get In Right
Now Taking Ethereum’s price slump into consideration, a crypto
analyst identified as ‘CryptoBullet,’ has declared that investors
are now entering the final stage of the ETH/BTC bear market. As
such, the analyst predicts a 180% surge for ETH/BTC, highlighting
that it may be time for investors to begin swapping their Bitcoin
for Ethereum to capitalize on ETH’s anticipated price rebound
potentially. On September 12, the analyst took to X
(formerly Twitter) to discuss his observations about the ETH/BTC
trading pair on the monthly chart. CryptoBullet pointed out that
the ETH/BTC monthly chart highlights a longstanding recurring trend
in ETH/BTC price movements over the years. This recurring
pattern is characterized by a testing phase, followed by a
breakdown and accumulation period before a pump to new highs.
CryptoBullet has identified this unique trend in past 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
rebound extending into 2025. With 2022 acting as the testing
phase, and 2024 marked by an accumulation and breakdown period,
CryptoBullet forecasts that the price of Ethereum relative to
Bitcoin could climb to $0.0885 or $0.11. This suggests that by
2025, the price of one Ethereum may be worth around $5,109 or
$6,351. New Bullish Targets Unveiled For ETH ‘TopGcrypto,’ a crypto
analyst on X has predicted that Ethereum could see a price increase
to new levels before the end of the year. The analyst disclosed
that Ethereum is currently experiencing strong price movements and
approaching a key resistance trend line. Related Reading:
Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges,
Can SHIB Recover? Sharing an Ethereum price chart showing its
movements from July to September, TopGcrypto pointed out that the
crucial resistance level is around the $3,115 price level. He
indicated that if Ethereum’s price can surpass this critical trend
line, it could signal a good opportunity for investors to consider
going long on the cryptocurrency. According to the analyst,
such a breakout could potentially drive the price of Ethereum
toward new targets of $2,560, $2780, and $3,115. It’s important to
note that as of writing, the price of Ethereum is trading at
$2,338, according to CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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