Ethereum set for a ‘monster rally’ as price nears $2.9K

Ether has risen almost 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 said in a Nov. 6 X post.

Ether due for more upside, says analysts

Since Nov. 6, Ether (ETH) 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.

Ether’s year-to-date price high was $4,066 reached in March. Source: TradingView

Meanwhile, crypto analyst Benjamin Cowen told 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 said 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 said the Ether “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 — said Ether is “too cheap.”

“Gonna explode from here,” Tapiero said in a Nov. 6 X post, adding that Ether is “going over” $8,000 in the next year.

Related: Ether traders eye more downside amid ETH/BTC tapping ‘new multi-year lows’

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.

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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.