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The price of Ethereum has been consolidation for about a week as it hit a four-month high of $3,420. As the second largest cryptocurrency, Ethereum has the highest price correlation with Bitcoin. However, we could discuss the price of Ethereum has been largely left behind in terms of performance throughout the current bull cycle. Interestingly, Ben Lilly, a crypto analyst, shared a bold prediction about the Ethereum price trajectory.
In a post on social media platform ETH price movements during Bitcoin’s ATH discovery phase in 2021.
A historical parallel: the 2021 Ethereum rally
In his analysis, Ben Lilly referred to Ethereum Price Behavior during the historic Bitcoin price rally during the 2021 bull run. At the time, Ethereum price was trading nearly 60% below its 2018 high. After Bitcoin reached new levels of ATH, it took Ethereum five weeks to follow suit, rallying around 640% to reach its current ATH of $4,878.
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Lilly believes current market conditions mirror those of 2021, with the Bitcoin price recently entering price discovery mode. Ethereum, which was about 50% below its 2021 high of $4,418 in November 2024, has started to rebound, posting gains of over 20% in just two weeks from a low of $2,366 on November 4.
Interestingly, the analyst’s comments suggest that, as Bitcoin Price Continues to Set New Price Records this bull run, Ethereum is likely to follow with a substantial price increase very soon. According to him, the timing of this substantial price increase corresponds closely to late December 2024 and early January 2025.
Based on his projections, the analyst claims that Ethereum could repeat its historical pattern and recover significantly in a short period of time. He points out that a 300% rise from Ethereum’s November 4 low price level could push it towards the $10,000 mark.
ETH will form a new ATH between December 21 and 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 that of the second-largest asset. In particular, the 2021 model he highlighted is a result of an altcoin season where the altcoin market (led by Ethereum) started to outperform the price of Bitcoin.
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As it stands, an altcoin season has this cycle still needs to materializeand all the interest is in Bitcoin. The price of Bitcoin is currently at an all-time high, meaning the market will have to continue to wait for interest in Ethereum to arise.
At the time of writing, ETH price is trading at $3,107 and is down 3.84% over the past seven days.
Featured image created with Dall.E, chart from Tradingview.com
