Ethereum (ETH) has been projected to challenge XRP’s bullish price performance and possibly surpass it to reach new highs. Despite Ethereum’s failure to rally significantly in this bull cycle, a crypto analyst has outlined reasons why this second-largest cryptocurrency is set for explosive upside momentum.
Ethereum To Outperform XRP
CredibullCrypto, a prominent crypto analyst, has taken to X (formerly Twitter) to discuss the XRP/ETH trading pair. The analyst projects a strong rally for Ethereum this year, presenting a price chart to visualize his analysis while outlining the reasons for his forecast.
According to CredibullCrypto, Ethereum is expected to outperform XRP in the short-to-mid-term as the XRP/ETH trading pair is now undergoing a correction after experiencing a recent rally of more than 250%. Compared to ETH, the XRP price has seen significant gains this year, skyrocketing from a price low of $0.5 to over $3 for the first time in seven years.
While these gains were impressive, market indicators now suggest that a temporary pullback for XRP is underway, creating an opportunity for Ethereum to potentially take the lead. A major reason for this possibility is the appearance of multiple bearish divergences in the XRP/ETH price chart, signaling a potential cooldown.
Notably, the analyst expects XRP to decline and revisit range lows at $1.60 – $1.80. At the same time, ETH is likely to stay within a massive high-time frame demand zone, reinforcing the expectation that its price will hold strong while XRP consolidates further.
Despite Ethereum’s projected dominance and outperformance of XRP in the near term, CredibullCrypto remains bullish on the XRP price in the long run. Nevertheless, the analyst’s projection of a short-term correction for XRP is seen as a necessary phase for Ethereum’s upside momentum.
Looking at the price chart, the XRP/ETH trading pair is expected to dip into the green demand zone in the range of $0.00087 – $0.00088. After this correction, the analyst suggests a sharp recovery for the pair, signaling a new leg up toward $0.00092, as indicated by the blue arrow.
Analyst Predicts ETH’s Bottom And New Price Target
Crypto Caesar, an analyst on X, has forecasted that the Ethereum price will hit a market bottom soon. Once this occurs, the analyst suggests a possible reversal to a new high.
According to the analyst’s price chart, if Ethereum fails to hold the $1,800 support level, the next strong low zone around $1,000 – $1,200 could be tested. The red area in the price chart, representing the $3,600 – $4,00 range, has been marked as a crucial resistance zone. Once broken, this resistance could propel ETH to weak highs around $4,400 – $4,800.
Featured image from Unsplash, chart from Tradingview.com
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