Ethereum

Identifying significant market movement Ethereum is set to rally 18% and Aim for a $1,900 milestone

Compared to Bitcoin, the leading cryptocurrency, Ethereum (ETH) has done comparatively poorly thus far. That might change, though, given a crypto analyst's forecast that the second-largest crypto asset by market cap will pick up steam soon enough.

Ethereum Will Reach $1900

Prominent cryptocurrency researcher Ali Martinez suggested that the price of Ethereum might increase to $1,900 in a post on his X (previously Twitter) platform. Based on information he had taken from the chart and published in his post, he made his forecast.

A pattern known as an ascending triangle, which often denotes a bullish formation, was shown on the chart (with a 3-day timeframe). Ali claims that Ethereum is "poised" to retrace off the ascending triangle's hypotenuse. The analyst stressed that Ethereum must "firm close" above the 18-day SMA (Simple Moving Average) to reach a high of $1,900.

According to Ali, if that occurs, Ethereum might reach $1,800 and then go to $1,900. It is important to note that Ethereum last reached $1,900 in July 2023. Its current price of $1,600 would grow by nearly 18% if it were to reach that level once more.

Regarding Bitcoin, the most well-known cryptocurrency, Ali also had some thoughts. He predicted in a later post that the cryptocurrency token might correct to $28,800 using data from a 4-hour chart's TD Sequential.

On October 20, Bitcoin reached a high of $30,000 amid speculation that a Spot Bitcoin ETF approval would be forthcoming, signaling a bullish momentum for the cryptocurrency.

The Predominance of Bitcoin is Growing

According to TradingView data, Bitcoin has increased its domination in the cryptocurrency industry, where it presently holds a 52% market share. It's interesting that ever since the Ethereum Merge, it has constantly increased.

This is noteworthy in light of the widespread speculation that "the flipping," in which Ethereum surpasses Bitcoin to become the most important crcryptocurrencycould occur following the Merge. That hasn't happened, though, as Ethereum's switch from proof-of-work to proof-of-work is seen to have been "disastrous" for the cryptocurrency token.

In contrast, when it comes to the best-performing assets of the year, Bitcoin and Ethereum are tied for first place. According to reports, both cryptocurrency tokens outpaced the NASDAQ, S&P 500, and Gold. Year-to-date (YTD), Bitcoin has increased by 80%, while Ethereum has increased by 35%.