Ethereum set for a ‘monster rally’ as price nears $2.9K
2024-11-07

Ether has risen nearly 25% since the start of 2024, yet analysts argue it’s still undervalued and ready for a significant surge after Bitcoin rocketed past its all-time high this week. 
“I think that ETH has a very real chance of going on a monster rally now,” pseudonymous crypto trader Byzantine General opined in a Nov. 6 X post.
Ether due for more upside, says analysts
Since Nov. 6, Ether ETHUSD has risen 9.66%, trading at $2,846, according to TradingView data. 
It marks the first time Ether has crossed the $2,800 price level since August. Some traders expressed surprise at the price spike.
“Fathom the unfathomable,” crypto analyst Miles Deutscher wrote in an X post, noting that ETH is “outperforming BTC and SOL” across the same 24-hour period.
Meanwhile, crypto analyst Benjamin Cowen explained to his 876,700 X followers that Ethereum’s value against Bitcoin may have already reached its lowest point.
In a Nov. 6 X post, Cowen explained that if the ETH/BTC ratio can “get above” the Simple Moving Average (SMA), there is a “good chance” the ratio “has bottomed.”
On Nov. 6, the ETH/BTC ratio rebounded by 5.36% since Nov. 5, reaching 0.038, after Cointelegraph reported it had hit “new multi-year lows” at 0.03496.”
When the ETH/BTC ratio reaches what’s seen as a low point, traders start speculating that a surge could be on the way, viewing the asset as a potential buying opportunity.
Crypto trader Ryandcrypto believes the Ether ETHUSD “rally to $5,000 is going to be the most hated rally of all time.”
Ether’s price is a good buy, suggests an analyst
10T Holdings founder Dan Tapiero — who is confident about a $100,000 Bitcoin price tag — believes that Ether is “too cheap.”
“Gonna explode from here,” Tapiero stated in a Nov. 6 X post that Ether is “going over” $8,000 in the next year.
Meanwhile, there are growing signs of more Ether adoption. On Nov. 4, Cointelegraph reported that the State of Michigan Retirement System had added exposure to Ether exchange-traded funds (ETFs).
In a Nov. 4 SEC filing, Michigan’s state pension fund disclosed holding 460,000 shares of the Grayscale Ethereum Trust and 460,000 shares of the asset manager’s Ethereum Mini Trust.
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.