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A well-known crypto market analyst has set a long-term bullish price target for XRP and Ethereum.
According to market analyst EGRAG Crypto, XRP can go as high as $31 and Ethereum could reach $8,000. He used Fibonacci extension levels to come to this prediction. The outlook draws on similarities in both assets' multi-year price cycles.
Ethereum to hit $8,000
EGRAG points out that Ethereum's chart has seen the same cycle as it did from 2018 to 2020, where the coin reached a high of $1,420 before crashing to $88. Fibonacci extensions range between $623, $1,413, $4,405, and between $7,700–$8,000 at the 1.618 extension.
The potential for a breakout from an inverse head-and-shoulders structure that has formed since 2021 reinforces the...