A crypto analyst predicts that Ethereum (ETH) will surge to an impressive $15,000 by 2025, citing a favorable technical formation. Despite the current bearish sentiment in the crypto market, the analyst argues that this is only temporary.
According to the analyst, Ethereum follows a fractal pattern that fueled its major price rally in 2021. In a screen grab of the current ETH price action, the analyst highlights that many people in the crypto space are focused on immediate price movements and fail to consider the long-term perspective.
However, Ethereum, like Bitcoin (BTC), is currently facing pressure and struggling to break above immediate resistance levels. The coin is currently at a critical support level of around $2,200, down 20% from its January 2024 highs of approximately $2,700.
The recent downtrend in altcoins, including Ethereum, seems to have been triggered by the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Bitcoin’s decline from around $47,000 to below $40,000 has had a negative impact on altcoins.
Furthermore, on-chain data indicates that Grayscale Investments has been selling off thousands of coins held in the Grayscale Bitcoin Trust (GBTC), leading to a sell-off in Bitcoin and altcoins, including Ethereum. Ethereum’s situation has been worsened by the SEC’s decision to postpone the approval of spot Ethereum ETFs.
Despite these developments, the analyst believes that they will not derail Ethereum’s long-term growth trajectory. Consolidation is seen as a healthy sign, indicating that whales might be accumulating their positions. Once consolidation ends, the analyst predicts that Ethereum’s price will trend higher, breaking above $5,000 and eventually reaching $15,000.
Apart from technical factors, Ethereum supporters also point to the decreasing issuance rate and the belief that Ethereum will become the preferred network for tokenizing real-world assets (RWAs) in the future, as stated by BlackRock CEO Larry Fink.
In conclusion, while Ethereum is currently facing short-to-medium-term pressure and struggling to break resistance levels, a crypto analyst predicts a bright future for the coin, with a potential surge to $15,000 by 2025. Factors such as technical formations, consolidation, decreasing issuance rate, and potential for tokenization of real-world assets contribute to the analyst’s optimistic outlook for Ethereum’s long-term growth.
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