A well-known cryptocurrency analyst and trader, going by the pseudonym Credible, predicts that Ethereum (ETH) could see a significant increase in value, potentially reaching a five-figure price point.

Credible, who has a following of 396,700 on the social media platform X, suggests that Ethereum could hit a minimum of $10,000 by the end of the current cycle. He believes that the price could realistically go even higher, possibly reaching $20,000. This target aligns with Bitcoin’s peak in 2017 and is a nice, round number to aim for after surpassing $10,000.

With Ethereum currently trading at $3,510, the cryptocurrency would need to increase by 185% to 470% to reach Credible’s price targets of $10,000 and $20,000.

Explaining his optimistic outlook on Ethereum, Credible describes ETH as a higher beta version of Bitcoin. If he believes Bitcoin can double in value from its current price, then Ethereum should see even greater gains. A threefold increase in value would bring Ethereum to $10,000.

However, Credible anticipates that Ethereum may trade within a range before experiencing a breakout. He advises patience, suggesting that ETH will eventually see a significant increase, but it may take a few more months of consolidation before the next major upward movement.

Based on Credible’s analysis, Ethereum’s price movement is closely tied to Bitcoin’s performance. If Bitcoin maintains support above $63,000, Ethereum is likely to find a bottom around $2,800. However, if Bitcoin falls to the $62,000 – $63,000 support level or lower, Ethereum could bottom out at around $2,130.

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Disclaimer: The opinions expressed in this article are not investment advice. Investors should exercise caution and conduct their own research before engaging in trading activities. The Daily Hodl is not a financial advisor and does not endorse the buying or selling of any cryptocurrencies or digital assets. Please be aware of the risks involved, as any losses incurred are the investor’s responsibility.