Originally published on: November 07, 2024
The price of Ether has been on a steady rise, increasing by almost 25% since the beginning of the year. Analysts believe that Ethereum is still undervalued and poised for a significant surge, especially after Bitcoin recently surpassed its all-time high.
According to pseudonymous crypto trader Byzantine General, Ethereum has a high chance of embarking on a ‘monster rally’. Since November 6th, Ether has surged by 9.66%, currently trading at $2,846, crossing the $2,800 mark for the first time since August.
Some traders were taken by surprise by this price spike, with crypto analyst Miles Deutscher noting that Ethereum is outperforming not only Bitcoin but also SOL within the same 24-hour period.
Ether’s year-to-date price peak was $4,066 in March, showcasing its potential for growth. Crypto analyst Benjamin Cowen believes that Ethereum’s value against Bitcoin may have hit its lowest point already.
If the ETH/BTC ratio surpasses the Simple Moving Average (SMA), Cowen suggests that there is a strong possibility that the ratio has bottomed out. The ratio recently rebounded by 5.36% since November 5th, reaching 0.038, following reports of hitting new multi-year lows at 0.03496.
This low point in the ETH/BTC ratio often signals a potential surge, presenting an attractive buying opportunity for traders. Crypto enthusiasts like Ryandcrypto anticipate a rally towards $5,000, despite potential skepticism from the market.
Dan Tapiero, the founder of 10T Holdings, is optimistic about Ethereum’s future, calling it “too cheap.” He predicts a significant surge, with Ether aiming to surpass $8,000 within the next year.
Additionally, there are increasing signs of Ether adoption, with the State of Michigan Retirement System recently adding exposure to Ethereum exchange-traded funds (ETFs). In a recent SEC filing, Michigan’s state pension fund disclosed holding shares of the Grayscale Ethereum Trust and Ethereum Mini Trust.
As the crypto market continues to evolve, it’s crucial for investors to stay informed and conduct their own research before making any trading decisions. Stay tuned for more updates on Ethereum and other digital assets by subscribing to our newsletter for valuable insights and investment opportunities.
