Ethereum’s price has recovered by 14% in 2026, hitting $3,400 for the first time since mid-December before retracing at press time. More than half of the rally was driven on 13 January, following a softer U.S. inflation print and President Donald Trump’s push for Fed interest rate cuts.
Still, the king of altcoins could offer more gains to investors. This, according to Garret Bullish, the White House whale insider who made millions of dollars shorting Bitcoin in October.
In his latest analysis report, Bullish projected that ETH could surge to $5,413, citing the Elliot Wave pattern.
“We believe ETH has re-entered the (5)th wave of the ascending channel that began in April last year. Theoretical targets: target 1: $5,413; aggressive target 2: $7,155.”
Source: Garret Bullish/X
Based on Ethereum’s [ETH] press time value of $3.35k, this would mean a 60% upside for the base case scenario of $ 5.4k, or a 2x move for the aggressive target.
The White House whale has an over $600 million ETH long position and believes the Fed’s Powell-Trump conflict is bullish for Bitcoin, Ethereum, and the crypto market overall. He recently said,
“Historically, geopolitical conflicts in the Middle East have coincided with crypto rallies. According to Gemini data: Avg PnL 30 days after conflict: BTC +14%, ETH +27%; Avg PnL 90 days after conflict: BTC +20%, ETH +39%”].”
Put differently, he expects ETH to outperform in Q1. And, he’s not the only mega-ETH bull in 2026.
Will ETH outperform BTC?
Standard Chartered Bank’s latest report projected that ETH could reach $7,500 by 2026 and double to $15k by 2027, with a long-term target of $40k by 2030.
However, quantum risk is likely to drag down BTC’s upside potential, giving ETH the opportunity to outperform it in 2026, according to DeFi analyst DeFiIgnas.
Source: X
Interestingly, the ETH/BTC ratio, an indicator that tracks the relative price performance of ETH against BTC, also hinted at such an outlook at press time.
The 200-day Moving Average (blue line) has been a crucial support after the ratio dropped in H2 2025. It meant BTC outperformed ETH in H2 2025. However, the ratio has steadily risen since December – A sign that ETH strengthened against BTC over the same period.
A sustained recovery of the ETH/BTC ratio could push ETH higher above $4k. Especially if Q1 2025’s macro landscape and market liquidity improve.
Source: ETH/BTC, TradingView
Final Thoughts
- Ethereum could front a 60% upswing in the next few weeks, according to a White House insider.
- ETH has garnered bullish ratings from analysts, including Standard Chartered Bank.
