Ether is witnessing heightened excitement in the cryptocurrency market as its price target reaches $20,000 amidst predictions of a potential all-time high in one to two weeks. A prominent trader, Merlijn, noted that Ether is moving within a long-term rising price channel, with the latest surge bringing it to $4,249. This channel has historically marked significant price points for Ether, including its previous all-time high of $4,875 in November 2021. With the current momentum, traders are hopeful for a breakout beyond this channel, which could see gains of up to 375%. However, Ether still faces challenges against Bitcoin, needing a 150% increase from its current position for a full recovery of its 2021 highs. Market analysts have pointed out recent institutional buying and a significant short squeeze as factors pushing Ether's price upward, with expectations for a strong weekly close to facilitate a new ATH. Overall, if Ether maintains its upward momentum, it could see record levels within the next fortnight.

Source đź”—