Wolf: Ethereum has a chance to rise to $ 20,000

A cryptocurrency analyst under the pseudonym Wolf said that the Ethereum chart ETH $2,728.52 Bridged Ether (StarkGate) -0.66% Market capitalization $0.24 billion VOL. 24 hours $1.96 billion has been forming a triangle pattern since November 2021. Such a breakout could push the token’s price to $ 20,000.

It is worth emphasizing that the expert calls for caution and does not consider this forecast as guaranteed.

Also, in an interview with Cointelegraph, Bitget CEO Gracie Chen expressed confidence that Ethereum will reach a new all-time high before the end of the year.

The reason for the growth is the dominance of Ethereum as a leading platform for smart contracts and a possible capital inflow due to the slowdown in Bitcoin’s growth.

«Ethereum remains the most popular smart contract protocol in terms of volume, and constant updates increase its usefulness,» she said.

It is noted that the previous record for the value of Ethereum at $ 4878.26 was set in November 2021.

Thus, over the past year, Ethereum has risen in price by 63%, although Bitcoin’s growth over the same period was more than 164%.

At the same time, ITC Crypto founder Benjamin Cowen emphasized that Ethereum traditionally demonstrates positive quarterly dynamics after Bitcoin halving.

The last reduction in the block reward occurred on April 20, which, according to experts, will have a positive impact on Ethereum.

Analysts emphasize that the prospects for Ethereum in 2024 depend on further network updates and the development of institutional demand for cryptocurrency.