The Ethereum price has crossed the $2,400 mark for the first time since March of this year, marking a significant recovery for the second-largest cryptocurrency by market capitalization.
This surge represents a remarkable 50% increase over the past month, notably outpacing Bitcoin’s (BTC) 19% rise during the same period. As a result, market experts are increasingly viewing Ethereum as the premier cryptocurrency to invest.
Ethereum Price Potential Soars
Notably, VirtualBacon, a figure in the crypto analysis community, recently asserted, “Ethereum is the best crypto to buy right now.” He emphasized that while the Ethereum price may not have surged as dramatically as some other cryptocurrencies, its fundamental strengths remain intact.
In a recent social media post on X (formerly Twitter), VirtualBacon highlighted his updated timeline and targets for the Ethereum price, noting that the cryptocurrency is trading near $2,500, a significant recovery from its lows in 2022 reached during the market sell-off in April.
According to the analyst, a key indicator of Ethereum’s potential is the ETH/BTC trading pair, which recently rebounded from multi-year support levels. Historically, such bounces have often signaled the onset of altcoin cycles, aligning with shifts in global liquidity.
VirtualBacon asserts that if the Ethereum price can reclaim the 0.382 Fibonacci retracement level against Bitcoin, it could see a substantial gain of approximately 60%. A further retracement to the 0.5 level would push its value beyond 0.05 BTC, enhancing the bullish sentiment surrounding Ethereum.
Currently, the Ethereum price is consolidating around these critical levels, which are viewed as a strong accumulation range before macroeconomic conditions shift.
VirtualBacon Projects $10K For ETH
The analyst also argued that while Solana (SOL) is faster in terms of transaction speeds, Ethereum remains the backbone for most real-world applications (RWAs) and stablecoins. It is also the only altcoin recognized as a commodity in legal terms, gaining trust from institutional investors.
Looking ahead, Ethereum’s future performance is closely tied to the Federal Reserve’s (Fed) monetary policy decisions. With quantitative tightening (QT) slowing to $5 billion per month—the lowest rate in recent history—the analyst is keenly anticipating a potential pause in QT by the third or fourth quarter of this year.
VirtualBacon forecasts that this pause could trigger a bottoming out of the ETH/BTC pair, paving the way for significant upside movement for the Ethereum price.
VirtualBacon maintains a bullish outlook for Ethereum, suggesting that if Bitcoin reaches $200,000, ETH could hit a price target of $10,000. If Bitcoin climbs even higher to $250,000, the Ethereum price could soar to $12,000.
When writing, ETH trades at $2,440, up by 8% in the past seven days.
Featured image from DALL-E, chart from TradingView.com
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