Analyst Predicts Ethereum Surge to $20,000

Since November 2021, Ethereum’s chart has formed a triangle pattern. Analyst known as Wolf believes a potential breakout from this consolidation zone could target $20,000.

Look, guys, 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. A measured move from the breakout of this massive triangle targets $20k. pic.twitter.com/52p6biHRYQ

— Wolf ? (@IamCryptoWolf) November 22, 2024

However, the expert urged caution regarding his forecast.

Bitget CEO Gracy Chen, in an interview with Cointelegraph, expressed confidence that the second-largest cryptocurrency by market capitalization will reach a new ATH before the end of the year.

She believes this will be driven by Ethereum’s dominance as the leading smart contract platform and a potential influx of funds as Bitcoin’s growth slows.

“[Ethereum] remains the most used smart contract protocol by volume, and targeted upgrades enhance its utility,” noted the head of Bitget.

Over the past 12 months, the asset has appreciated by approximately 63%, while digital gold has gained over 164%.

The previous record high for Ethereum was $4878.26, recorded in November 2021. At the time of writing, the price stands at ~$3404 (CoinGecko).  

ITC Crypto founder Benjamin Cowen noted that historically, Ethereum shows positive quarterly returns relative to digital gold in the first half of the year following a halving.

#ETH / #BTC Quarterly returns tend to be good in H1 of post-halving years pic.twitter.com/r0Bua1QrdM

— Benjamin Cowen (@intocryptoverse) November 23, 2024

The halving of the block reward occurred on April 20.

Chen believes Ethereum will react in tandem with a potential Bitcoin pullback after reaching levels above $100,000. According to her, the market is already oversold. However, she clarified that such a “healthy” correction would be short-lived.

As reported, The Onchain Foundation is confident that digital gold will surpass the significant mark before the end of November. Fundstrat co-founder Tom Lee believes $100,000 will be reached before the start of 2025.