Ethereum (ETH) has lagged behind Bitcoin in recent performance, but this could be about to change. A prominent crypto analyst, Ali Martinez, has made a bold prediction, suggesting that the second-largest cryptocurrency by market capitalization is poised for a significant upswing.
Ethereum Set to Soar to $1,900
Ali Martinez, sharing his insights on the X platform (formerly known as Twitter), has forecasted that Ethereum could potentially surge to $1,900. His prediction is based on a thorough analysis of chart data, which he shared in his post.
The chart, focusing on a 3-day timeframe, reveals an ascending triangle pattern, typically indicative of a bullish trend. According to Ali, Ethereum is primed for a rebound off the hypotenuse of this ascending triangle. Importantly, for Ethereum to reach the $1,900 mark, the analyst emphasized the necessity of a “firm close” above the 18-day Simple Moving Average (SMA).
If this condition is met, Ethereum could climb to $1,800 initially and then potentially reach $1,900, as per Ali’s prognostication. Notably, the last time Ethereum attained a price of $1,900 was in July 2023. Achieving this price point again would signify an 18% increase from its current value of $1,600.
Ali also had insights to share about Bitcoin, the leading cryptocurrency. In a subsequent post, he indicated that Bitcoin could experience a correction, potentially dropping to $28,800. This prediction was informed by analysis using the TD Sequential from a 4-hour chart.
Bitcoin recently surged to as high as $30,000 on October 20, with many speculating that the approval of a Spot Bitcoin Exchange-Traded Fund (ETF) may be on the horizon, which could provide a bullish boost to both Bitcoin and the broader crypto market.
Bitcoin’s Dominance on the Rise
Data from TradingView reveals that Bitcoin’s dominance has been steadily increasing throughout the year, currently boasting more than 52% dominance within the cryptocurrency market. Intriguingly, this dominance has been on the rise since the Ethereum Merge took place.
This is significant, especially considering previous speculations about ‘the Flippening’ occurring after the Merge. This scenario would involve Ethereum overtaking Bitcoin as the most dominant cryptocurrency. However, this has yet to materialize, with Ethereum’s transition from proof-of-work to proof-of-stake being viewed by many as a challenging phase for the cryptocurrency.
Bitcoin and Ethereum, despite these dynamics, remain at the forefront when it comes to the best-performing assets of the year. Both cryptocurrencies have outperformed traditional benchmarks such as the NASDAQ, S&P 500, and Gold. Bitcoin has witnessed an 80% year-to-date (YTD) increase, while Ethereum has seen a 35% YTD increase.