For the last 10 years, Bitcoin has always led by a wide margin in terms of market capitalization. The strongest candidate to change this is none other than Ethereum. Now, the leading altcoin, which has moved away from mining and escaped the radar of environmental regulations like MiCA, is heading towards $10,000 according to a crypto analyst known for its accurate predictions.
Leading altcoin continued to dominate the market throughout October
Ethereum, the largest altcoin by market capitalization, started a major breakout earlier this month. It has earned over 20% to its investors since last week. Thus, it made up for some of its losses earlier this cycle in the bear market. As part of this move, Ethereum is currently timed above the 1,400 key resistance. It reached a monthly high of $1,645 on October 29. The rise of the altcoin is based on its increasing dominance, bull expectation among investors and its deflationary mechanism.
Based on data from Santiment, Ethereum’s price dominance over Bitcoin and most cryptocurrencies continued throughout October. Altcoin’s dominance is now coming to an end. However, it still maintains its weight at 18.3%. As Ethereum price broke above the $1,400 level, a large number of new ETH addresses joined the network. This increase is also considered bullish in price. As such, analysts at Santiment argue that a resurgence of Ethereum’s address activity will fuel a confident rally in the altcoin.
Analysts continue bullish on Ethereum price rally
Twitter’s Pentoshi has set new ranges on the ETH/USDT chart. According to the chart, Ethereum price is turning resistances into support one by one. Therefore, now $1,516 is the low, $1,650 is the middle, and $1,783 is the new high range.
SmartContracter shared $10,000 price expectation for the leading altcoin
A break above the high range in the chart above followed by confirmation of the uptrend will be a sign of continued upward climb for Ethereum. SmartContracter, a cryptocurrency analyst known for his accurate predictions, is putting $10,000 as a long-term bullish target in the Ethereum price rally. You can take a look at the analyst’s accurate predictions in this article. Their current forecast for October 29 includes:
Eventually, Ethereum will show us the $10,000 that everyone was talking about last year. The hard part is surviving long enough to see it happen.
eventually Ethereum will give us that run to $10k everyone was talking about last year.
The hard part is surviving long enough to see it happen.$ETH
— Bluntz (@SmartContracter) October 29, 2022
However, according to forecasting platform Changelly, ETH price will be around $7,336.62 in 2025. Participants expect an average price of up to $8,984.84 by this date. While SmartContracter is confident that $10,000 will come, the main point is to hold out until then, he says. As you follow on Kriptokoin.com, ETH is currently trading at $1,622.38.
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