Ethereum

Ether has risen almost 25% since the start of 2024, yet analysts argue it’s still undervalued and ready for a significant surge after Bitcoin rocketed past its all-time high this week.&nbsp;
“I think that ETH has a very real chance of going on a monster rally now,” pseudonymous crypto trader Byzantine General said in a Nov. 6 X <a data-ct-non-breakable="null" href="https://x.com/ByzGeneral/status/1854131527447130613" rel="null" target="null" text="null" title="null">post</a>.
<h2 id="ether-due-for-more-upside-says-analysts">Ether due for more upside, says analysts</h2>
Since Nov. 6, Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) has risen 9.66%, trading at $2,846, according to TradingView <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/ETHUSD/" rel="null" target="null" text="null" title="null">data</a>.&nbsp;
It marks the first time Ether has crossed the $2,800 price level since August. Some traders expressed surprise at the price spike.
“Fathom the unfathomable,” crypto analyst Miles Deutscher wrote in an X <a data-ct-non-breakable="null" href="https://x.com/milesdeutscher/status/1854347072583180480" rel="null" target="null" text="null" title="null">post</a>, noting that ETH is “outperforming BTC and SOL” across the same 24-hour period.
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 <img alt="Ethereum set for a ‘monster rally’ as price nears $2.9K" src="https://s3.cointelegraph.com/uploads/2024-11/01930531-7d03-7030-9e1e-4ce569ac78a7" title="">
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 Ether’s year-to-date price high was $4,066 reached in March. Source: TradingView
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Meanwhile, crypto analyst Benjamin Cowen told his 876,700 X followers that Ethereum’s value against Bitcoin may have already reached its lowest point.
In a Nov. 6 X <a data-ct-non-breakable="null" href="https://x.com/intocryptoverse/status/1854335584065491026" rel="null" target="null" text="null" title="null">post</a>, Cowen said that if the ETH/BTC ratio can “get above” the Simple Moving Average (SMA), there is a “good chance” the ratio “has bottomed.”
On Nov. 6, the ETH/BTC ratio rebounded by 5.36% since Nov. 5, reaching 0.038, after <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ether-crypto-traders-downside-eth-btc-pair-lows#:~:text=The%20Ether%20ETH%20to%20Bitcoin,2021,%20according%20to%20TradingView%20data.&amp;text=Still,%20if%20history%20repeats,%20it,in%20March%202021,%20it%20rallied." rel="null" target="null" text="null" title="null">Cointelegraph reported it had hit</a> “new multi-year lows” at 0.03496.”
When the ETH/BTC ratio reaches what’s seen as a low point, traders start speculating that a surge could be on the way, viewing the asset as a potential buying opportunity.
Crypto trader Ryandcrypto said the Ether “rally to $5,000 is going to be the most hated rally of all time.”
<h2 id="ether-s-price-is-a-good-buy-suggests-an-analyst">Ether’s price is a good buy, suggests an analyst</h2>
10T Holdings founder Dan Tapiero — who is confident about <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-election-outcome-wont-stop-bitcoin-100k-dan-tapiero" rel="null" target="null" text="null" title="null">a $100,000 Bitcoin price tag</a> — said Ether is “too cheap.”
“Gonna explode from here,” Tapiero <a data-ct-non-breakable="null" href="https://x.com/DTAPCAP/status/1854370394423079219" rel="null" target="null" text="null" title="null">said</a> in a Nov. 6 X post, adding that Ether is “going over” $8,000 in the next year.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ether-crypto-traders-downside-eth-btc-pair-lows" rel="null" target="null" text="null" title="null">Ether traders eye more downside amid ETH/BTC tapping ‘new multi-year lows’</a>
Meanwhile, there are growing signs of more Ether adoption. On Nov. 4, Cointelegraph reported that the State of Michigan Retirement <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/michigan-pension-fund-bitcoin-ether-etf-investment" rel="null" target="null" text="null" title="null">System had added exposure to Ether</a> exchange-traded funds (ETFs).
In a Nov. 4 SEC filing, Michigan’s state pension fund disclosed holding 460,000 shares of the Grayscale Ethereum Trust and 460,000 shares of the asset manager’s Ethereum Mini Trust.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/hype-ai-agents-crypto-just-turned-into-reality/" rel="null" target="null" text="null" title="null">AI agents trading crypto is a hot narrative, but beware of rookie mistakes</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum set for a ‘monster rally’ as price nears $2.9K

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