From cointelegraph by Zoltan Vardai
The Ether price could see an imminent correction in the coming weeks before it resumes a sustainable rally to new highs.
Ether ETH$3,512.79 rose over 33% during the past month to trade above $3,368 as of 10:23 am UTC on Nov. 23, Cointelegraph data shows.
Despite gaining ground, the world’s second-largest cryptocurrency could be poised for a price correction once Bitcoin BTC$96,310 breaches the record $100,000 milestone — widely expected to occur before the end of November.
Bitcoin’s next significant drawdown will invite a short-term correction for Ether, according to Gracy Chen, the CEO of Bitget.
Chen told Cointelegraph:
“The market is already oversold, and a healthy correction might occur… Though Ethereum has not shown enough correlation following Bitcoin’s surge, any potential retracement as soon as BTC breaches the $100,000 mark might impact Ethereum.”
The prediction comes as Bitcoin is inching closer to $100,000, unfazed by the $2.6 billion options expiry that occurred a day ago, on Nov. 22.
Related: US Bitcoin reserve during Trump presidency could pump BTC to $1M
While a short-term correction may occur before the end of the year, Ether is poised for more long-term momentum in 2025.
Based on emerging technical chart patterns, Ether’s price could reach a cycle top of over $20,000 during the next year, according to popular crypto analyst Wolf.
“Take this with a grain of salt, but the ETH chart is also shaping up as a compressing 3-year triangle consolidation since November 2021,” Wolf wrote in a Nov. 22 X post to his 106,000 followers. “A measured move from the breakout of this massive triangle targets $20,000,” he said.
