Ethereum (ETH) demonstrates strong performance in the market, exceeding the $3,000 mark. This comes amidst declining Bitcoin (BTC) prices, catching the attention of analysts.
Market Performance of Ethereum and Bitcoin
Ethereum has reclaimed the $3,000 level, hitting new highs this week at $3,090, while Bitcoin dropped to $116,500 on Tuesday. According to analytics firm Swissblock, capital from Bitcoin may be rotating towards altcoins such as Ethereum.
Fractal Analysis and Potential Ethereum Rise
Crypto analyst Merlijn The Trader shared a compelling fractal analysis suggesting that Ethereum may follow a similar trajectory to Bitcoin's market cycle from 2018-2021, potentially reaching around $18,205. Although this analysis is speculative, it fuels optimism among Ethereum supporters.
Technical Forecasts and Targets for Ethereum
Analyst Daan Crypto stated that the immediate target for Ethereum is $4,000 as it has entered the upper half of an 18-month cycle range. He mentioned that the levels of $2,800 and $4,000 will be key in this analysis.
Ethereum shows strong performance amidst Bitcoin's price decline, and according to analysts, it may continue to rise in the near future.
