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The price of Ethereum was Consolidation for about a week Since hitting a four-month high of $3,420. As the second largest cryptocurrency, Ethereum has the largest price correlation with Bitcoin. However, you can argue about the price of Ethereum It has been largely left behind In terms of performance throughout the ongoing bull cycle. Interestingly, cryptocurrency analyst, Ben Lilly, shared a bold prediction about Ethereum’s price path.
Through a post on social media platform ETH price action performance during Bitcoin’s ATH discovery phase in 2021.
Historical parallel: Ethereum’s 2021 rally
Ben Laili pointed out in his analysis: Ethereum price behavior During Bitcoin’s historic bull run of 2021. At the time, Ethereum’s price was trading about 60% below its peak in 2018. After Bitcoin surged to new ATH levels, it took Ethereum five weeks to follow suit, as it rose By about 640% to the current ATH level of $4,878.
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Lilly believes current market conditions reflect those of 2021, as Bitcoin’s price recently entered price discovery mode. Ethereum, which was about 50% below its 2021 peak of $4,418 as of November 2024, has begun to rebound, showing gains of over 20% in just two weeks from the low of $2,366 on November 4.
Interestingly, the analyst’s comments indicate this Bitcoin price continues to set new records This is going up, Ethereum is likely to follow With a big jump in prices very soon. The time frame for this significant jump in prices is expected to closely align with late December 2024 and early January 2025.
Based on his forecast, the analyst asserts that Ethereum could repeat its historical pattern and rise significantly within a short time frame. He highlights that a 300% rise from Ethereum’s low price level on November 4 could push it towards the $10,000 mark.
ETH will generate new ATH from December 21 to January 7.
I don’t make the rules. pic.twitter.com/NVgVdQ8Bsj
– Ben Lilly (@MrBenLilly) November 20, 2024
Current status of Ethereum price
Ben Lilly’s Ethereum price prediction highlights the importance of Bitcoin’s price momentum compared to the second largest asset. In particular, the 2021 pattern he referred to is A As a result of the altcoin season As the altcoin market (led by Ethereum) began to outperform the price of Bitcoin.
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As it stands, altcoin season has happened This cycle has not yet been achievedAnd all the attention goes to Bitcoin. The price of Bitcoin is currently seeing an all-time high, which means that the market will have to continue to wait for interest to arrive in Ethereum.
At the time of writing, ETH price is trading at $3,107 and is down 3.84% in the past seven days.
Featured image created with Dall.E, chart from Tradingview.com