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Ethereum has surged over 33% in the past month, trading above $3,368, but a correction might be on the horizon. Analysts suggest this dip could precede a powerful rally to $20,000 by 2025. With Bitcoin closing in on $100,000, Ethereum's robust fundamentals point to strong future performance.
Ether's Price Faces Correction Before Continuing Uptrend
In the next weeks, the price of Ether may experience a correction before continuing its steady ascent to new heights.
According to data compiled by Cointelegraph, as of 10:23 am UTC on Nov. 23, Ether was trading above $3,368—a 33% increase from the previous month.
Although it has been making progress, the second-largest cryptocurrency in the world may be ready for a price drop once Bitcoin breaks the $100,000 mark, which is anticipated to happen before November ends.
Bitcoin's Influence on Ether's Price Movement
According to Bitget CEO Gracy Chen, a short-term correction for Ether is likely to occur when Bitcoin has its next major slump.
For Cointelegraph, Chen stated:
“The market is already oversold, and a healthy correction might occur… Though Ethereum has not shown enough correlation following Bitcoin’s surge, any potential retracement as soon as BTC breaches the $100,000 mark might impact Ethereum.”
Unconcerned by the $2.6 billion options expiration that happened on November 22nd, Bitcoin is creeping closer to $100,000 as this forecast is being made.
Long-Term Gains Anticipated for Ether in 2025
Ether is expected to have a temporary dip before the year ends, but 2025 will bring even greater long-term gains.
Wolf, a well-known crypto expert, predicts that, based on new patterns in the market's technical charts, the price of Ether might hit $20,000 in the coming year.
“Take this with a grain of salt, but the ETH chart is also shaping up as a compressing 3-year triangle consolidation since November 2021,” Wolf remarked in a post he shared with his 106,000 followers on November 22nd. “A measured move from the breakout of this massive triangle targets $20,000,” he added.
Ascending Triangle Pattern Fuels Bullish Sentiment
According to Wolf, there will be a big price rally because of the ascending triangle pattern, which is generally considered a bullish indicator.
When compared to Bitcoin, the price of Ether has been moving at a snail's pace. In contrast to Ether's 63% price growth, Bitcoin's price surged by more than 164% during the last year.
Ethereum's Utility to Propel Future Growth
Nevertheless, Ether's surge beyond its previous all-time high will be driven by Ethereum's position as the premier smart contract network.
“[Ethereum] is still the most-used smart contract protocol by volume, with targeted upgrades enhancing its utility,” Chen explained. According to the Bitget CEO, this paves the way for larger buying of Ether and puts it in a position to recover its all-time high.
Ether's Outlook for 2025
Although Bitcoin's current gain has investors shifting their capital into the cryptocurrency, Chen predicts that Ether will make a comeback once Bitcoin's impetus fades.
"The market can expect ETH to reclaim the all-time high before the end of this year," Chen noted.
According to a post by Benjamin Cowen, CEO and Founder of ITC Crypto, on November 23rd, Ether has a history of outperforming Bitcoin in terms of quarterly returns in the first half of the years after the Bitcoin halving. This could be a favorable indicator for Ether's price in early 2025.
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