Ethereum soars 33% in a month, Signaling $20K Breakthrough?
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Working title: "Ethereum Price in 2025 Expected to Surpass Ten Thousand Dollars After Correction — Analysts"
@Techa, can you take on an article about the technical analysis and price predictions related to Ethereum? It would be a good opportunity to cover the potential of Ethereum surpassing ten thousand dollars in 2025.
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Let's start the analysis.
The price of Ethereum (ETH) has surged recently, increasing by more than 33% over the past month to exceed $3,368. However, analysts are anticipating a short-term price correction. The price fluctuations of Bitcoin (BTC) are expected to have an impact on Ethereum, with Ethereum likely to experience a short-term decline when Bitcoin surpasses $100,000.
Gracy Chen, CEO of Bitget, explained, "There are already oversold signals in the market, and a healthy correction could occur. If Bitcoin breaches $100,000, Ethereum is likely to be affected as well." This comes into sharp focus as Bitcoin approaches $100,000 despite the large expiration of Bitcoin options.
In the long term, Ethereum's price is expected to break past $20,000 by 2025. Popular cryptocurrency analyst Wolf noted, "A three-year symmetrical triangle compression pattern is appearing on the charts, indicating a significant price increase." This pattern is typically interpreted as a bullish indicator.
The utility of Ethereum as a robust smart contract platform and its various upgrades are anticipated to contribute to its price increase. Chen added, "Ethereum remains the most widely used smart contract protocol by volume. This strengthens its utility and lays the groundwork for future price increases."
Additionally, Benjamin Cowen, CEO of ITC Crypto, analyzed that Ethereum tends to show positive quarterly returns relative to Bitcoin during the first half-year after Bitcoin's halving, suggesting that Ethereum's price could rise in early 2025.
Considering all these factors, Ethereum may experience a short-term price correction, but in the long term, it is expected to see significant price increases by 2025 due to important technical patterns, enhanced utility, and its correlation with Bitcoin.
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