– Cryptolite – After Ethereum (ETH) breached the $4,000 price this week, analyst Justin Bennett is looking at a situation where ETH could reach $12,000.
As expectations are that ETH has only a limited time to reach the bullish price targets.
According to CoinMarketCap, ETH is trading at $4,010.56 with a 24-hour trading volume of $18,093,022,938 at the time of writing.
In general, the price of Ethereum always follows the price of BTC, as analysts have not seen any deviation from this trend.
Also in the current market conditions, the analyst explained in his newsletter
The indicators reveal that the price of the cryptocurrency Bitcoin will reach $ 200 thousand before the end of the current cycle.
Should Bitcoin reach this target price, ETH is sure to rise more than 300% in response.
Regardless of all this, Bennett explained that the price of BTC increased by $200,000
It will put ETH at $12,000 with the current ETH and BTC levels.
In addition, the analyst sees that the price of ETH and BTC will rise before the end of the bull market.
According to Bennett, the price of ETH/USDT can range between $15,000 and $20,000 if the bitcoin price breaks above $200,000 before the cycle ends.
Recent trends suggest that Ethereum may reach a new all-time high before the weekend closes.
Despite the huge resistance to break the previous all-time high, if that happens we will just have to wait and see what happens.
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One reason why Ethereum (ETH) price will rise to $12,000