Ethereum Price On The Verge Of Repeating 2017-2021 Cycle Breakout, Target Above $20,000
Although Bitcoin (BTC) hit all-time highs this month, Ethereum price It has failed to experience significant gains, befitting its status as the second-largest cryptocurrency by market capitalization. However, one cryptocurrency analyst said that this Bearish price action This may be coming to an end soon as Ethereum (ETH) appears to be repeating the breakout pattern of the 2017-2018 cycle. According to this analysis, ETH price could reach Extraordinary new price target $20,000+.
Ethereum price breaks new $20,000 target
TradingView Analyst Mr. Tycoon shared his intensity Bullish Outlook for Ethereum Pricesuggesting that the cryptocurrency market’s number one altcoin could soar to $23,000 this cycle. The analyst expressed his optimism about Ethereum’s near-term price action, stressing that the altcoin is about to “move higher soon.”
The last time Ethereum experienced a record-breaking price surge was during the 2021 bull run, when its ATH reached over $4,800. TradingView analysts reveal Ethereum’s fractals The last bull market cycle followed a similar pattern to the current one, suggesting a rebound is imminent.
Mr Tycoon gives detailed chart comparison Ethereum Price Trend in the 2017-2021 and 2021-2025 cycles. In its early four-year cycle, Ethereum reached Macro bottom in 2019After breaking out to new all-time highs in 2021, Bitcoin experienced price volatility and then a sharp rise.
A similar story is happening with current price action four-year cycleEthereum hit a macro bottom in 2022 and then fell sharply. According to analysts’ charts, Bitcoin will reach ATH in 2024just like the 2021 bull market cycle.
TradingView analysts noted that historically, Ethereum has started to rise after Bitcoin entered the price discovery phase. This means that Bitcoin usually leads market cycles and once a new ATH is found, ETH tends to followexperienced a significant rebound.
With this in mind, Mr. Tycoon predicts a significant increase in the price of Ethereum, suggesting it could break past its previous all-time high and rise above $23,000. This impressive price increase would add 557% to ETH’s current market value.
Analyst reveals the best time to buy ETH
As of this writing, Ethereum is trading at $3,586, says a cryptocurrency analyst who goes by the name “Crypto Ash” expected There is a good chance that the top altcoins will rally to $10,000 or $15,000 during this bull cycle.
Analysts reveal that now is the best time Start accumulating Ethereum December 2024 is the main entry point for investors. His analysis shows that, historically, Ethereum has experienced significant price growth from January to April each time. Bitcoin Halving Year. This suggests that investors who started buying ETH tokens as early as December may be well-positioned to reap gains if ETH prices rise in the first quarter of 2025.
Featured image created using Dall.E, chart from Tradingview.com
