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While Bitcoin (BTC) reached all-time highs this month, Bitcoin (BTC) reached all-time highs this month. Ethereum price It failed to achieve a significant rally, commensurate with its status as the second-largest cryptocurrency by market capitalization. However, one cryptocurrency analyst suggests that this… Downward price movement It may end soon, as Ethereum (ETH) appears to be repeating the breakout pattern from the 2017 to 2018 cycle. Based on this analysis, ETH price may be on its way to reaching a level Great new price target Above $20,000.
Ethereum price is eyeing a new target above $20,000
Mr. Tycoon, a TradingView analyst, said so subscriber His extreme Bullish forecast for Ethereum priceWhich suggests that the number one altcoin in the cryptocurrency market could rise to $23,000 this cycle. The analyst expressed optimism about Ethereum’s recent price action, categorically declaring that the altcoin is about to “go higher soon.”
Ethereum last saw a record price high during the 2021 bull market, when it achieved an ATH above $4,800. This was revealed by a TradingView analyst Ethereum fractal In the previous bull cycle versus this current one it follows a similar pattern, indicating an impending rally.
Mr. Tycoon provided a detailed comparison chart Ethereum price movements In the 2017-2021 and 2021-2025 sessions. In the previous four-year cycle, Ethereum reached level 1 Overall bottom in 2019as it witnessed price fluctuations before recording a significant rise after Bitcoin broke its all-time high in 2021.
Similar price action is also seen in this trend A four-year courseEthereum reached its overall bottom in 2022 and then declined significantly. Based on the analyst’s chart. Bitcoin reaches ATH in 2024Just like in the 2021 bull cycle.
The TradingView analyst noted that historically, Ethereum pumping begins after Bitcoin enters price discovery. This means that Bitcoin typically leads market cycles, and once a new ATH is found, ETH tends to follow thisis witnessing a noticeable increase.
With this in mind, Mr. Tycoon expects a significant increase in Ethereum prices, suggesting that they may surpass their previous all-time highs and rise above $23,000. This incredible price rise would represent a 557% increase over ETH’s current market cap.
Analyst reveals the best time to buy ETH
While Ethereum is trading at $3,586 as of the time of writing, a cryptocurrency analyst known as “Crypto Ash” Expected A rise to $10,000 or $15,000 is very likely for the top altcoins in this bull cycle.
The analyst revealed that the best time for Start accumulating Ethereum It was December 2024, which represents a major entry point for investors. His analysis indicates that, historically, the price of Ethereum has seen significant price growth from January to April after each Bitcoin halving year. This suggests that investors who started buying ETH tokens as early as December may be well positioned to make gains if the price of ETH rises in the first quarter of 2025.
Featured image created with Dall.E, chart from Tradingview.com
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