Crypto Analysts Suggest Ether is Inching Closer to the $4,000 Psychological Price Point
As the crypto market continues to experience fluctuations, analysts are suggesting that Ether (ETH) may be nearing a turning point in its underperformance against Bitcoin (BTC). With the ETH/BTC ratio reaching a possible low point, many traders are beginning to speculate on a surge in Ether’s price.
The ETH/BTC Ratio: A Key Indicator
The ETH/BTC ratio is a metric that shows Ether’s relative strength to Bitcoin. When this ratio reaches its lowest point, it often signals the start of an upward trend in Ether’s price. According to Into The Cryptoverse founder Benjamin Cowen, the current ETH/BTC ratio is 0.03811, which is up 9.14% over the past 30 days.
Historical Trends and Market Indicators
Cowen notes that historically, the ETH/BTC ratio usually starts going up in December or January. With the current market trend indicating a potential upward movement, traders are becoming increasingly optimistic about Ether’s prospects.
Ether’s Price: A Turning Point Ahead?
At the time of publication, Ether was trading at $3,846, according to CoinMarketCap data. While this is slightly short of the $3,900 price level, analysts believe that Ether is inching closer to its psychological price point of $4,000.
Pseudonymous Crypto Trader DCInvestor Weighs In
DCInvestor, a pseudonymous crypto trader with over 250,800 followers on X, believes that Ether has the "preeminent lane" for a reason. They note that Ether’s price is about to remind people why it’s a top contender in the market.
Bitwise Invest CEO Hunter Horsley Shares His Insights
Horsley, the CEO of Bitwise Invest, shares a similar sentiment. He believes that no one will be surprised when ETH crosses $4,000, noting that there is room for multiple blockchain ecosystems to coexist and make different tradeoffs.
Reaching the $4,000 Price Level: A Short Squeeze Ahead?
Pseudonymous crypto trader MisterSpread suggests that reaching the $4,000 price level may result in a short squeeze pushing Ether’s price a further 25% higher. Once ETH breaks the $4,000 area, there is a high chance we see a God candle to $5,000.
Galaxy Digital Head of Research Alex Thorn Shares His Thoughts
Thorn recently told Cointelegraph Magazine that he does not see any serious competition for Ethereum at this time. He believes that Ethereum is the world’s most decentralized, valuable, and mature general-purpose blockchain.
What This Means for Traders and Investors
As the market continues to experience fluctuations, traders and investors should be aware of the potential risks involved. With Ether inching closer to its psychological price point, it may be a good time to speculate on a surge in Ether’s price.
Takeaways:
- The ETH/BTC ratio is up 9.14% over the past 30 days.
- Historically, the ETH/BTC ratio usually starts going up in December or January.
- Analysts believe that Ether has the potential to reach its psychological price point of $4,000.
- Reaching this level may result in a short squeeze pushing Ether’s price further.
- Ethereum is seen as the most decentralized, valuable, and mature general-purpose blockchain.
Conclusion
With the market continuing to experience fluctuations, it’s essential for traders and investors to stay informed about the latest trends and indicators. As analysts suggest that Ether is inching closer to its psychological price point of $4,000, it may be a good time to speculate on a surge in Ether’s price.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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