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The price of Ethereum has surpassed the $2,400 threshold for the first time since March, signifying a notable recovery for the second-largest cryptocurrency in terms of market capitalization.
This increase reflects an impressive 50% growth over the past month, significantly outpacing Bitcoin’s (BTC) 19% advancement during the same timeframe. Consequently, analysts are increasingly recognizing Ethereum as a leading cryptocurrency for investment.
Ethereum Price Potential Rises
Notably, a crypto analyst known as VirtualBacon recently stated, “Ethereum is currently the ideal cryptocurrency to purchase.” He pointed out that while Ethereum’s rise hasn’t been as striking as other cryptocurrencies, its core strengths remain robust.
In a recent post on social media on X (formerly Twitter), VirtualBacon shared his revised timeline and price targets for Ethereum, observing that the cryptocurrency is trading close to $2,500, a significant rebound from its lows in April 2022 during the market downturn.
Related Insights
The analyst highlighted that a critical factor in Ethereum’s potential lies in the ETH/BTC trading pair, which recently rebounded from historic support levels. Typically, such recoveries have indicated the beginning of altcoin cycles, coinciding with changes in global liquidity.
VirtualBacon posits that if Ethereum regains the 0.382 Fibonacci retracement level against Bitcoin, it could experience an impressive gain of around 60%. A further retracement to the 0.5 level would elevate its valuation beyond 0.05 BTC, bolstering the bullish outlook for Ethereum.
At present, Ethereum’s price is stabilizing around these pivotal levels, which are deemed a prime accumulation zone before macroeconomic dynamics shift.
VirtualBacon Predicts $10K For ETH
The analyst also noted that while Solana (SOL) offers faster transaction capabilities, Ethereum continues to serve as the foundational platform for the majority of real-world applications (RWAs) and stablecoins. It stands out as the only altcoin recognized legally as a commodity, which appeals to institutional investors.
Related Insights
Moving forward, Ethereum’s future performance is closely linked to the Federal Reserve’s (Fed) monetary policy choices. As quantitative tightening (QT) slows down to $5 billion monthly—the lowest rate in recent memory—the analyst is eagerly awaiting a potential pause in QT in the third or fourth quarter of this year.
VirtualBacon anticipates that such a pause could mark a turning point for the ETH/BTC pair, setting the stage for significant upward movement in Ethereum’s price.
He maintains an optimistic outlook for Ethereum, suggesting that should Bitcoin reach $200,000, ETH could achieve a target price of $10,000. If Bitcoin ascends even further to $250,000, Ethereum’s price might rise to $12,000.
At the time of writing, ETH is trading at $2,440, reflecting an 8% increase over the past week.
Image source from DALL-E, chart from TradingView.com
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