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Ethereum prices have surpassed $2,400 for the first time since March this year, marking a massive recovery The second largest cryptocurrency By market value.
This surge represents a 50% increase in the past month, especially in the same period that saw Bitcoin (BTC) gains 19% gains. As a result, market experts increasingly view Ethereum as the main cryptocurrency to invest in.
Ethereum price potential soars
It is worth noting that VirtualBacon, a figure in the crypto analytics community, recently asserted that “Ethereum is the best cryptocurrency to buy now.” He stressed that while Ethereum prices may not have risen as sharply as some other cryptocurrencies, its basic advantages remain intact.
In the nearest one Social Media Posts On X (formerly Twitter), VirtualBacon highlighted his latest timetable and Ethereum price targets, noting that cryptocurrencies are trading close to $2,500, with 2022 lows recovering significantly from 2022 lows during April market sales.
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According to analysts, the key indicator of Ethereum’s potential is the ETH/BTC trading pair, which has recently rebounded from years of Support level. Historically, this bounce usually marked the onset of an altcoin cycle, consistent with changes in global liquidity.
VirtualBacon asserts that if Ethereum price can regain the 0.382 Fibonacci retracement level for Bitcoin, you may see a significant increase of about 60%. Further answers are the 0.5 level to push its value above 0.05 BTC, thus enhancing bullish sentiment around Ethereum.
Currently, Ethereum prices are consolidated around these key levels, which is seen as a strong accumulation range before macroeconomic conditions shift.
VirtualBacon for $10K projection for ETH
Analysts also believe that while Sol is faster in trading, Ethereum is still the backbone of most Real-world applications (RWAS) and stable bacteria. Legally, it is also the only altcoin recognized as a commodity, gaining trust from institutional investors.
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Looking ahead, Ethereum’s future performance is closely related to the Federal Reserve’s monetary policy decisions. As the rate of quantitative tightening (QT) drops to $5 billion per month, the lowest in recent history, analysts are keenly expecting QT to pause in the third or fourth quarter of this year.
VirtualBacon predicts that this pause may trigger the bottom ETH/BTC Pairing paves the way for a significant upward movement of Ethereum prices.
VirtualBacon maintains bullish outlook for Ethereum, which suggests that ETH may reach its $10,000 target if Bitcoin reaches $200,000. If Bitcoin climbs even higher to $250,000, Ethereum’s price could surge to $12,000.
At the time of writing, ETH traded at $2,440, an increase of 8% over the past seven days.
Featured images from dall-e, charts from tradingview.com
