New analysis from crypto expert Sykodelic suggests that Ethereum (ETH) could see a parabolic rally to new highs this year, but only if Bitcoin (BTC) makes a key move. According to the analyst, ETH is already setting the stage for this potential surge, with recurring historical patterns supporting its bullish structure. Once Ethereum begins a bull run, Sykodelic believes the cryptocurrency could gain enough momentum to ignite the bullish move. long-awaited altcoin season.
Ethereum price rally hinges on Bitcoin breakout
Sykodelic believes Ethereum is setting the stage for another bull run this could bring its price back towards the $4,000 range. In an X post dated May 11, the analyst common a detailed analysis and accompanying chart outlining the conditions that could drive ETH to this level and why Bitcoin’s next moves will be the critical trigger.
According to the analyst, the Ethereum price surge has not yet started precisely because Bitcoin continues to dominate the crypto market. He noted that only once BTC completes its “structural change movement” will ETH have a real opportunity to recover.
This context is important, given the recent performance of the Bitcoin market. Since the beginning of April, BTC has experienced a constant rise, with its latest rise pushing up its price. at around $82,000. The flagship cryptocurrency has been outperforming the broader market for months, driven by strong demand from derivatives tradersthe easing of macroeconomic conditions and the sustained accumulation of institutions such as Strategy.
With this in mind, once Bitcoin completes its current breakout phase or undergoes a significant change in trendmoney and momentum will likely turn to Ethereum, allowing ETH to begin its own major rally. Sykodelic reinforced this view by highlighting a chart pattern he has followed for the past five years.
According to him, during this period, Ethereum has consistently traded within a well-defined range marked by repeated gaps and recoveries. Notably, each of these range cycles lasted 70 to 77 days.
The analyst explained that every time Ethereum broke out of this range and recovered its structure, the cryptocurrency staged a strong rebound towards the highs or lows of the range. Given the current chart structure, Sykodelic believes ETH could mirror this historical pattern again and, if so, another move towards the range highs could now be in play.
ETH Skyrocketing to $4,000 Could Spark Altcoin’s Next Run
In his analysis, Sykodelic highlighted Ethereum’s weekly moving average convergence divergence (MACD) as further confirmation of the repeating historical chart structure. He noted that ETH is now back in the same range that led to new highs in previous cycles and has solidified its position over the past 77 days as it prepares to move higher.
If Ethereum returns to highs around $4,093, Sykodelic believes this rise could serve as a catalyst for the next altcoin run. He said this long-awaited altcoin season could last 12 to 18 months. He also acknowledged that the recovery could be slow, but expressed confidence that it would inevitably begin.
Featured image created with Dall.E, chart from Tradingview.com
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