While Bitcoin (BTC) reached new all-time highs this month, Ethereum price Befitting its position as the second-largest cryptocurrency by market capitalization, it has failed to experience a significant rally. However, a cryptoanalyst suggests that it Bearish price action May end soon, as Ethereum (ETH) appears to be repeating its breakout pattern from the 2017 to 2018 cycle. Based on this analysis, ETH price may be on track to hit a Remarkable new price target Above $20,000.
Ethereum price eyes new target above $20,000
Mr. Tycoon, a TradingView analyst, has shared His intense Bullish outlook for Ethereum priceThis suggests that the number one altcoin in the crypto market could rise to $23,000 this cycle. The analyst shared his optimism about Ethereum’s recent price action, emphatically declaring that the altcoin is about to “send higher soon.”
Ethereum last experienced a record-breaking price surge during the 2021 bull market, when it achieved an ATH above $4,800. TradingView analysts have revealed this Fractal of Ethereum This current cycle follows a similar pattern versus the previous bull cycle, indicating an impending rally.
Mr. Tycoon presented a detailed chart comparing Ethereum price movements In the 2017-2021 and 2021-2025 cycles. In the last four-year cycle, Ethereum hit one Macro down in 2019After breaking all-time highs in 2021, Bitcoin is experiencing price fluctuations before recording a significant rally.
Similar price action is seen in this current as well Four year cycleWhere Ethereum hit its macro bottom in 2022 and then declined significantly. Based on the analyst’s chart, Bitcoin reaches an ATH in 2024As it happened in 2021 Bull cycle.
The TradingView analyst noted that historically, Ethereum starts to pump after entering Bitcoin’s price search. This means that Bitcoin usually leads market cycles, and once it finds a new ATH, Trend to follow ETHExperience an important rally.
With this in mind, Mr. Tycoon predicts a significant price increase for Ethereum, suggesting that it could surpass previous all-time highs and exceed $23,000. This impressive price rally represents a 557% increase from ETH’s current market value.
Analyst reveals the best time to buy ETH
While Ethereum is trading at $3,586 as of writing, one crypto analyst identified as ‘Crypto Ash’ Estimated That rally to $10,000 or $15,000 is highly probable for the altcoin at the top of this bull cycle.
The analyst revealed that this is the best time Start collecting Ethereum was in December 2024, which represents a prime entry point for investors. His analysis shows that, historically, Ethereum has experienced significant price increases after each of January through April. Bitcoin halving The year suggests that investors who start buying ETH tokens as early as December could be well positioned to profit if the price of ETH rises in Q1 2025.
Featured image created with Dall.E, chart from Tradingview.com
