A leading cryptocurrency analyst has issued a bold prediction for Ethereum, predicting that it will outperform both Bitcoin and Solana in the coming months. On social media platform X, a cryptocurrency analyst known as @IamCryptoWolf highlighted that Ethereum is still trending higher, with price targets reaching $12,000. This analysis includes 6.22% Ethereum price drop in the last seven days and continuing Bitcoin’s increasing dominance.

Analyst says Ethereum will perform better than Bitcoin

Since the beginning of the current market cycle, Ethereum has lagged Bitcoin in terms of price, and has been struggling to gain momentum above the $3,000 level since July. Ethereum bulls have faced challenges in attracting significant inflows, which kept the price below key levels while Bitcoin rose.

Bitcoin recently climbed back above $67,000 and is currently approaching its yearly high of $73,737. Solana is also back above $170 and could continue its momentum to break above the yearly high of $202.

However, despite Ethereum’s destitute performance compared to these two heavyweight cryptocurrencies, cryptocurrency analyst @IamCryptoWolf believes in this trend will be reversed in the second half of the cycle.

The analyst presented his forecast for Ethereum in terms of price movements on a 3-day candlestick chart. The chart shows that Ethereum is bouncing off the lower trendline of the ascending triangle, indicating the potential for an upward move. As a result, the analyst predicted a full breakout of many price resistances as momentum finally gathers pace in Ethereum.

If this breakout occurs, @IamCryptoWolf predicts Ethereum will overtake Bitcoin and Solana in terms of performance in the second half of this bull cycle. He then noted the target price range for Ethereum’s growth, setting the low end at $8,428 and the high target hitting $12,000. This anticipated breakout has sparked renewed interest in Ethereum’s ability to regain its leadership position, especially among investors who are still waiting for an Ethereum-led altcoin rally phase.

What’s next for ETH?

At the time of writing, Ethereum is trading at $2,472, having lost about 3% of its value in the last 24 hours. This type of performance has left many ETH investors feeling uncertain about the asset’s short-term prospects. According to IntoTheBlock data, approximately 51.40% of addresses that bought between $2,106.27 and $2,855.96 are losing money, not to mention those that bought above $2,855.96.

Interestingly, @IamCryptoWolf commented on this trend among ETH investors in another post on social media platform X. He highlighted it here Ethereum remains bullish despite a weaker performance. The analyst explained that Ethereum’s current price movement appears to be forming either an inverted head and shoulders pattern or an ascending triangle on the charts, both of which are traditionally seen as bullish patterns in technical analysis.

Featured image created with Dall.E, chart from Tradingview.com