With Ether (ETH) surpassing the $4,000 mark, traders are making ambitious predictions, including a potential target of $20,000.
Price Forecast for Ether
Ether continues to attract trader attention with a new target price of $20,000. Trader Merlijn highlighted that the current market structure allows for such a value, referencing its rising price channel. The ETH/USD price has already reached $4,249 on Bitstamp, and traders believe ETH could recreate a rare chart move that may lead to a 375% increase.
Looking Ahead: Level Against Bitcoin
Despite the optimistic predictions against the dollar, Ether still has much ground to reclaim against Bitcoin (BTC). Although ETH/BTC has risen over 15% in the last week, it remains hovering around its yearly open level. To return to its all-time high of 0.0883 BTC, Ether would require a 150% upside.
Market Activity and Traders
Ether has taken control of the market, breaking above the $4,100 mark, driven by significant short squeeze and institutional buying. Trader BitBull suggested that if Ether can sustain its current levels and close the week above $4,100, a new all-time high could occur within 1-2 weeks.
Overall market optimism has led to new ambitious forecasts for Ether, though traders remain cautious about its standings against Bitcoin.
