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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.
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