Ethereum price has crashed this year, and there are signs that the downward trend may continue this year. Standard Chartered analysts have slashed their target by 60% to $4,000, while a bearish pennant points to further downside. This article explores some of the best ETH rivals to buy after the analyst downgrade.
ETH Rivals to Buy After Standard Slashed Ethereum Price Target
Analysts at Standard Chartered, who have been highly bullish on cryptocurrencies, have slashed the Ethereum price target from $10,000 to $4,0000. Further, the chart below shows that the coin has formed a bearish pennant pattern. This pattern comprises of a long vertical line and a triangle and often leads to more downside.
Some of the top ETH rivals to buy are Cardano (ADA), Berachain (BERA), and Binance Coin (BNB).
Cardano (ADA)
Cardano is one of the top ETH rivals to buy even as its price remains 45% below its highest level in 2024 and 77% below its all-time high. Cardano has two potential catalysts that may push it higher in the near term: ADA ETF approval and the upcoming BitcoinOS integration.
It also has bullish technicals. The weekly chart shows that Cardano is in the second phase of the Elliot Wave pattern. Elliot Wave is a pattern made up of five alternating waves. The second one is usually bearish, followed by the bullish third wave, which is the longest.
Therefore, a move to last year’s high of $1.325 would be a 87% surge from the current level, while a jump to the 50% retracement point at $1.7 would be a 140% increase.
Berachain (BERA)
Berachain is another crypto to buy as Ethereum price is primed to dip further. The main catalyst for the BERA token is that it is gaining traction among developers.
Berachain has attracted 45 developers in the decentralized finance or DeFi industry, with the total value locked (TVL) being $3 billion and the stablecoin market cap rising to over $1.53 billion.
Berachain’s performance in DeFi is much better than that of Ethereum. Data shows that Ethereum has shed over 18% in TVL in the last 30 days to $47 billion. The main concern about Berachain is that it will have many token unlocks until 2028.
Binance Coin (BNB)
BNB is another good ETH rival to buy as the Ethereum price crashes. It has a combination of strong fundamentals and technicals. Fundamentally, the BSC Chain has established itself as the most viable alternative to Ethereum and Solana. Ethereum is known for its slow speeds and high transaction costs, while Solana’s reputation has been damaged because of its meme coins.
BNB price has formed a cup and handle chart pattern on the weekly chart pointing to an eventual rebound to over $1000 in the long term.
Summary on The Best ETH Rivals
There are chances that the Ethereum price will tumble to below $1500 in the near term. If this happens, it will make sense to invest in popular ETH rivals like BNB, Cardano, and Berachain. Other quality ETH rivals to consider are Aptos, Mantra, and Sonic.
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