Renowned cryptocurrency expert and trader, going by the pseudonym Credible, is optimistic about the potential for Ethereum (ETH) to experience significant growth in the near future. With a current trading price of $3,510, Credible predicts that ETH could soar to five figures in the current market cycle.

In a message to his 396,700 followers on X, Credible confidently states, “ETH to $10,000 minimum by end of cycle. Realistically, significantly higher than that. I like $20,000 because it matches Bitcoin’s 2017 top and it’s a nice, round number to target after $10,000 is breached.”

For Ethereum to reach Credible’s price targets of $10,000 and $20,000, it would need to appreciate by 185% to 470% from its current level. Credible explains his bullish outlook on Ethereum by comparing it to Bitcoin, stating, “Just to keep it simple, ETH is a higher beta version of Bitcoin. If I think Bitcoin can double from here, then ETH should realistically do even better. A triple would easily push us to $10,000.”

Despite the positive forecast, Credible acknowledges that ETH may experience some consolidation before making significant gains. He advises patience, stating, “If you’re patient, ETH will have its turn, but expect some sideways movement for a few more months before the next major upswing.”

Credible’s analysis suggests that Ethereum’s performance will be closely tied to Bitcoin’s movements. According to his chart, Ethereum is likely to find support around $2,800 if Bitcoin maintains levels above $63,000. However, if Bitcoin drops to the $62,000 – $63,000 range, or lower, Ethereum could see a bottom around $2,130.

For the latest updates on cryptocurrency trends and price actions, subscribe to receive email alerts or follow us on X, Facebook, and Telegram. Remember to conduct thorough research before making any high-risk investments in Bitcoin or digital assets, as all trading activities carry inherent risks. The Daily Hodl does not provide investment advice and encourages readers to exercise caution in their financial decisions.