Cryptocurrency5 hours ago (Oct 23, 2021 04:00AM ET)
Reason Behind Ethereum (ETH) Price Surge to $12,000
- Justin Bennett looks at a situation in which the price of ETH could hit $12,000.
- always follows the BTC price.
- Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000.
With Ethereum (ETH) breaking the $4,000 price this week, analyst Justin Bennett looks at a situation in which the price of ETH could hit $12,000. More so, the crypto has limited two-and-a-half months to travel this year. This indicates ETH has only limited time to reach the optimistic price targets.
According to CoinMarketCap, the ETH price is trading at $4,010.56 with a 24-hour trading volume of $18,093,022,938, at the time of writing.
ETH/USDT Price Chart (Source: TradingView)
Ethereum always follows the BTC price, however, analysts have not seen a deviation from this trend. Also, with the current market conditions, the analyst explained in his newsletter which indicators reveal that the price of the pioneer crypto will reach as high as $200K before the present cycle ends.
In case, ETH hits this price target, then ETH will surely rally over 300% in response to this. Aside from all this, Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000 with the present levels. Added to this, the analyst views that the price of ETHBTC will surge before the end of the bull market.
According to Bennett, the price of ETHUSDT could be between $15,000 and $20,000. If the price of bitcoin breaks above $200,000 before the cycle ends, then the price of ETHUSDT will also rise.
Recent trends indicate that Ethereum may hit a new all-time high before the weekend closes, despite significant resistance toward breaking the previous all-time high. If that happens, then we will just have to wait and see what happens.
Web Summit returns in-person event to delve into crypto, DeFi and NFTs By Cointelegraph – Oct 23, 2021
Major global technology conference Web Summit is returning to Portugal with an in-person event to delve into the world of fintech and cryptocurrency. On Nov. 1, Web Summit 2021…
Empire Token, a Decentralized Token on Binance Smart Chain Launches NFT Marketplace By BTC Peers – Oct 23, 2021
A boon to the $2.7 trillion crypto market, non-fungible tokens, or NFTs as they are fondly called, have experienced an exponential rise in value and interest, with celebrities and…
Blockstream raises $16M for its Bitcoin mining STO in a matter of hours By Cointelegraph – Oct 23, 2021
Major blockchain technology company Blockstream has completed six tranches of its Bitcoin (BTC) mining security token offering (STO), securing a total of 30.9 million euros ($36…
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.