A widely followed crypto trader is outlining a bullish scenario for Ethereum (ETH) that could send the top altcoin to five figures by 2025.
In a new video update, CoinBureau host Guy Turner explains tells According to its 2.58 million YouTube subscribers, ETH is likely to break its all-time high and enter an explosive phase this cycle.
“Barring black swan events to spoil our party, we should be able to take for granted that ETH will break its previous all-time high of around $4,878 recorded in November 2021.
But where it goes from there is the real question. Because ETH has spent so much time sliding against BTC and wallowing in price purgatory, it may be difficult to imagine a parabolic repricing.
However, once the all-time high is broken, there will be no more historic levels of supply or resistance. Price discovery will follow, and ETH will likely teleport to the moon.”
Crypto traders and analysts call price discovery a situation where a coin is trading at levels that have never been seen before or have not been seen for a long time.
The analyst then uses the Fibonacci extension levels to suggest that ETH could rise to $7,300 as a “base case,” which is the 1,618 Fibonacci level on the chart he shares.
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price declines. They are based on Fibonacci ratios.
However, he says that if Bitcoin nearly doubles its current price next year and reaches $200,000, ETH could rise even higher, to $14,600.
“ETH has only just reached 0.786 [Fibonacci] level. So instead of doubling this price, we think doubling the ETH price at the 1,618 level will give us a better upper bound of what could happen in 2025. This 1,618 level is around $7,300, which we think is a pretty good base target. Doubling this would give us $14,600.
For an asset that has so severely underperformed against BTC, this sounds like a tall order indeed, and is therefore the most extreme bullish case for 2025 that we can take seriously. If BTC reaches $200,000 in 2025, orthodoxy suggests the gains will convert to ETH. With BTC at such high levels, this could be enough capital to push ETH above $14,000.”
Ethereum is trading at $3,686 at the time of writing, down 5.5% in the past 24 hours. Meanwhile, Bitcoin is trading at $101,143 at the time of writing, down 4.6% on the day.
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