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Reason Behind Ethereum (ETH) Price Surge to $12,000 -Breaking

by Mike Robinson

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Reasons behind Ethereum’s (ETH) price surge to $12,000
  • Justin Bennett examines a scenario in which the price for ETH might reach $12,000.
  • Always follow the BTC Price
  • Bennett stated that ETH will be $12,000. If BTC prices rise by $200,000, Bennett said.

Justin Bennett, an analyst at the firm, looks at a possible scenario where Ethereum (ETH) could reach $12,000. The crypto also has a limited travel time of two and a half months. This means that ETH will have a limited amount of time to achieve its optimistic target price.

CoinMarketCap reports that the ETH price trades at $4.010.56 and has a daily volume trading of $18,093,022,938, as of the writing.

Chart showing the price of ETH/USDT (Source: tradingView)

Analysts haven’t seen any deviation in the trend of Ethereum following BTC. However, Ethereum follows BTC. The analyst also explained the market conditions in his newsletter, which indicate that the price for the pioneer cryptocurrency will rise to $200K by the end of this cycle.

If ETH reaches the price target, it will undoubtedly rally by more than 30%. Bennett also explained that ETH will reach $12,000 if there is a $200,000 BTC price rise. This compares to the current levels. The analyst also believes that ETHBTC prices will increase before the end the bull market.

Bennett says that the price range for ETHUSDT is $15,000 to $25,000 Bennett says that ETHUSDT’s price could be between $15,000 and $20,000. If bitcoin falls below $200,000, the cycle will end.

Recent trend suggests that Ethereum might reach an all-time record, even though there has been significant resistance to breaking the previous record. We will have to see what happens if that occurs.

Continue reading on CoinQuora

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