Analyst Reveals When The Ethereum Price Will Reach A New ATH, It’s Closer Than You Think
Ethereum price has Consolidate for about a week Since hitting a four-month high of $3,420. As the second largest cryptocurrency, Ethereum has the greatest price correlation with Bitcoin. However, you might argue that the price of Ethereum have been mostly left behind In terms of performance throughout the bull market cycle. Interestingly, cryptocurrency analyst Ben Lilly has shared a bold prediction for Ethereum’s price direction.
Ben Lilly posted on social media platform This prediction is derived from his previous analysis of the performance of ETH price trends during the Bitcoin ATH discovery phase in 2021.
Historical parallels: Ethereum’s 2021 rally
Ben Lilly mentioned in his analysis Ethereum Price Action During the historic rise in Bitcoin prices in the 2021 bull run. At the time, Ethereum prices were nearly 60% below their 2018 peak. After Bitcoin broke out to new ATH levels, it took Ethereum five weeks to follow suit, rising approximately 640% to reach its current ATH of $4,878.
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Eli Lilly believes that current market conditions are similar to those in 2021, with Bitcoin prices recently entering price discovery mode. As of November 2024, the Ethereum price was approximately 50% below its 2021 peak of $4,418 and has now begun to rebound, rising more than 20% from its November 4 low of $2,366 in just two weeks.
Interestingly, analyst comments indicate that as Bitcoin price continues to hit new price records This bull market, Ethereum will most likely follow Prices will rise significantly soon. He expects the time frame for this significant price increase to be closely related to late December 2024 and early January 2025.
Based on his predictions, the analyst asserts that Ethereum may repeat its historical pattern and rise significantly in a short period of time. He highlighted that a 300% rise in Ethereum prices from the November 4 lows could push it towards the $10,000 mark.
ETH will form new ATH between December 21st and January 7th.
I don’t make the rules. pic.twitter.com/NVgVdQ8Bsj
— Ben Lilly (@MrBenLilly) November 20, 2024
The Current State of Ethereum Price
Ben Lilly’s Ethereum price prediction highlights the importance of Bitcoin price momentum for the second-largest asset. In particular, the 2021 model he identified is Altcoin Season Results The altcoin market, led by Ethereum, is starting to outperform the Bitcoin price.
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For now, altcoin season has arrived This cycle has not yet been realizedall interest is invested in Bitcoin. Bitcoin prices are currently trading at all-time highs, which means the market will have to continue to wait for interest to pour into Ethereum.
At the time of writing, ETH price is trading at $3,107, down 3.84% in the past seven days.
Featured image created using Dall.E, chart from Tradingview.com
