This article is also available in Spanish.
While bitcoin (btc) has reached new all-time highs this month, the ethereum price has failed to experience a significant rally, commensurate with its position as the second-largest cryptocurrency by market cap. However, one crypto analyst suggests that this <a target="_blank" href="https://bitcoinist.com/heres-why-bitcoin-and-ethereum-price-crashed/amp/” rel=”nofollow”>bearish price action could end soon as ethereum (eth) appears to be repeating its breakout pattern from the 2017 to 2018 cycle. Based on this analysis, eth price could be on track to reach a <a target="_blank" href="https://bitcoinist.com/expert-points-to-75-price-surge-ahead-for-ethereum/amp/” rel=”nofollow”>notable new price target above $20,000.
ethereum price aims for new target above $20,000
TradingView analyst Mr Tycoon has <a target="_blank" href="https://www.tradingview.com/chart/ETHUSDT.P/YKaxViKM-ethereum-about-to-send-big-soon/”>shared its intense bullish outlook for ethereum pricesuggesting that the number one altcoin in the cryptocurrency market could reach $23,000 this cycle. The analyst shared his optimism about ethereum's recent price action, emphatically stating that the altcoin is about to “rise soon.”
ethereum last experienced a record price surge during the 2021 bull market, when it reached an ATH above $4,800. The TradingView analyst has revealed that <a target="_blank" href="https://bitcoinist.com/this-fractal-suggests-ethereum-is-about-to-enter-a-parabolic-growth-phase/amp/” rel=”nofollow”>The ethereum fractal In the previous bull cycle versus this current cycle follows a similar pattern, indicating an imminent rally.
Mr. Tycoon presented a detailed chart comparing ethereum price movements in the 2017-2021 and 2021-2025 cycles. In the previous four-year cycle, ethereum reached a macro background in 2019experiencing price fluctuations before recording a significant rally after bitcoin broke an all-time high in 2021.
Similar price action is also seen on this stream. four year cyclewhere ethereum hit macro bottom in 2022 and then fell significantly. According to the analyst's chart, bitcoin reached an ATH in 2024just as it did in the 2021 bull cycle.
The TradingView analyst noted that historically ethereum starts pumping after bitcoin enters a price discovery. This implies that bitcoin typically leads market cycles and once it finds a new ATH, eth tends to followexperiencing a notable rebound.
With this in mind, Tycoon predicts a significant rise in ethereum price, suggesting that it could surpass previous all-time highs and surpass $23,000. This impressive price rally would represent a 557% increase from eth's current market value.
Analyst reveals the best time to buy eth
While ethereum is trading at $3,586 at the time of writing, a crypto analyst identified as 'crypto Ash' has<a target="_blank" href="https://x.com/ashcryptoreal/status/1862018410118308249?s=46″ rel=”nofollow”> projected that the top altcoin is very likely to reach $10,000 or $15,000 in this bull cycle.
The analyst revealed that the best time to start accumulating ethereum It was in December 2024, which represents an excellent entry point for investors. Their analysis indicates that ethereum has historically seen significant price growth from January to April after each Halving bitcoin year. This suggests that investors who start purchasing eth tokens from December may be well positioned to profit if the eth price rises in the first quarter of 2025.
Featured image created with Dall.E, chart from Tradingview.com
