Ether price to face correction before rally to $20k in 2025 – analysts
Ether's price could see an inevitable correction in the coming weeks before continuing its ongoing rally to new highs.
Ether (ETH) has risen more than 33% in the past month to trade above $3,368 as of 10:23 am UTC on November 23, Cointelegraph data shows.
ETH/USD, 1-month chart. Source: Cointelegraph
Although the world's second-largest cryptocurrency could be set for a price correction, Bitcoin (BTC) is widely expected to break the $100,000 mark – before the end of November.
According to Gracie Chen, CEO of BitGate, Bitcoin's continued significant losses invite a short-term correction for Ether.
Chen told Cointelegraph:
“The market is already oversold, and a healthy correction could be coming… Although Ethereum has not shown enough correlation following Bitcoin's rise, BTC breaching the $100,000 mark could impact Ethereum.
The forecast comes as Bitcoin is unhappily nearing $100,000 after the $2.6 billion expiration that occurred a day earlier on November 22.
Related: US Bitcoin Reserve Could Take BTC To $1M During Trump Presidency
Ether to $20,000 Cycle High in 2025 – Analyst
While a short-term correction may occur before the end of the year, Ether is poised for a more long-term recovery in 2025.
According to popular crypto analyst Wolff, based on emerging technical chart patterns, the price of Ether could reach a cyclical peak of over $20,000 next year.
“Take this with a grain of salt, but the ETH chart is shaping up as a compression 3-year triangle consolidation from November 2021,” Wolff wrote in a post to his 106,000 followers on November 22nd. “A move from this huge triangle breakout has a target of $20,000,” he said.
ETH/USD, triangle pattern. Source: Wolf
An ascending triangle pattern, often seen as a bullish indicator, supports Wolff's prediction of a significant price rally.
Related: Ether price eyes $3.7K despite $1.3B whale sale
Ethereum utility as the leader of the smart contract platform will promote the Ethereum rally in 2025
Ether's price has lagged behind Bitcoin's price action. Over the past year, Bitcoin's price has risen more than 164 percent, while Ether's is up 63 percent.
ETH&BTC, 1 year chart. Source: Cointelegraph
However, Ethereum's dominance as the leading smart contract blockchain will push Ether's rally past its previous all-time high.
“[Ethereum] It is still the most widely used smart contract protocol in terms of volume, and targeted improvements will increase its use,” said Chen. This sets the stage for an increase in Ether purchases and sets the stage for a return to its peak, Bitget CEO said.
Investors may be on a rally right now, shifting funds to Bitcoin, but Chen expects Ether to recover as Bitcoin's momentum slows.
“The market can expect ETH to return to its peak before the end of this year,” Chen added.
ETH/BTC returns quarterly. Source: Benjamin Cowen
Ether will tend to perform positive quarterly returns over Bitcoin price in the first half of the post-Bitcoin half-year, which could bode well for Ether's price in early 2025, writes Benjamin Cowen, CEO and founder of ITC Crypto. November 23 X post.
Magazine: Bitcoin's Dominance Will Fall by 2025: Benjamin Cowen, X Flame Hall
