Ethereum has performed exceptionally well in bull cycles.
The four-year Bitcoin halving cycle historically correlates with the bull and bear markets for cryptocurrencies.
As it stands, the best time to accumulate crypto has generally been the year before the Bitcoin halving occurrences (AKA, 2023).
Take the 2020 – 2022 price rally for example, when ETH rallied by an insane 5500% from $120 to $4,822.
If a +5000% rally in two years was possible then, who says it isn't now?
The question now is:
Would you be very wise to get some Ethereum right now?
Ark Invest may have some answers.
ARK Invest is an American investment management firm based in St. Petersburg, Florida, that manages several ETFs and was founded by Cathie Wood in 2014.
According to recent filings with the SEC, Ark Invest aims to add ETH to a list of these ETFs and appears to have seriously bullish predictions for the cryptocurrency.
In a recent report published by the Investment firm, Ethereum is expected to hit a market cap of $20 Trillion very soon.
For some perspective, Ark Invest is aiming for an Ether price of around $170,000 – $180,000 per coin, before the next decade.
If you think that is crazy, Ark Invest also prices Bitcoin at about $1 million by 2030, for a single coin.
According to the report,
"Ethereum could displace many traditional financial services, and its native token, ether, could compete as global money"
As insane" and "unbelievable" as this is, let's go over what Ethereum is doing from near-term perspectives.
When we scroll further outwards into the daily and weekly timeframes, ETH doesn't appear to be safe enough from the bears.
As illustrated above, ETH appears to be in an ascending wedge formation.
Ascending wedges are bearish formations, and signify a bearish reversal during an uptrend.
It so happens that ETH is testing the bottom of this formation around $1,590, and continues to scare investors with a possible drop to $1,369 or lower.
However, don't let that fool you.
Aside from the short to medium-term bearishness on Ethereum, we can extend the ascending wedge's lower trendline to fit the bigger picture.
If this theory holds water, it means that a dip below $1,400 would invalidate this formation, and maybe where the bearish pressure lies.
However, ETH still looks highly bullish on larger timeframes and is still on track to becoming the star cryptocurrency of the next bull run.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.