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As Bitcoin (BTC) reached new all-time highs this month, the Ethereum Price failed to see a significant rally, consistent with its position as the second largest cryptocurrency by market capitalization. However, one crypto analyst suggests that this bearish price action could end soon, as Ethereum (ETH) appears to be repeating its breakout pattern from the 2017 to 2018 cycle. Based on this analysis, ETH price could be on its way to reaching a remarkable new price target above $20,000.
Ethereum Price aims for new target above $20,000
Mr. Tycoon, a TradingView analyst, common intense sound bullish outlook for Ethereum pricewhich suggests that the number one altcoin in the crypto market could reach $23,000 this cycle. The analyst shared his optimism about Ethereum’s recent price action, emphatically stating that the altcoin is poised to “go higher soon.”
Ethereum last experienced a record price surge during the 2021 bull market, when it reached an ATH above $4,800. TradingView analyst revealed that The Ethereum Fractal The previous bull cycle compared to the current cycle follows a similar trend, indicating an imminent rally.
Mr. Tycoon presented a detailed table comparing Ethereum Price Movements in the 2017-2021 and 2021-2025 cycles. During the previous four-year cycle, Ethereum reached a macro background in 2019experiencing price fluctuations before registering a significant rally after Bitcoin hit an all-time high in 2021.
Similar price action is also seen in this current four-year cyclewhere Ethereum hit its macroeconomic low in 2022 and then declined significantly. Based on the analyst’s chart, Bitcoin hit an ATH in 2024just as was the case during the 2021 bull cycle.
The TradingView analyst noted that historically, Ethereum begins to pump after Bitcoin enters into price discovery. This implies that Bitcoin usually leads market cycles, and once it finds a new ATH, ETH tends to followexperiencing a notable rally.
With this in mind, Mr. Tycoon predicts a significant increase in the price of Ethereum, suggesting that it could surpass previous all-time highs and surpass $23,000. This impressive price rise would represent a 557% increase over the current ETH market value.
Analyst Reveals Best Time to Buy ETH
With Ethereum trading at $3,586 at the time of writing, a crypto analyst identified as “Crypto Ash” has projected that a rally to $10,000 or $15,000 is very likely for the top altcoin of this bull cycle.
The analyst revealed that the best time for start accumulating Ethereum was in December 2024, which represents a preferred entry point for investors. His analysis indicates that, historically, Ethereum has seen significant price growth from January to April after each transaction. Bitcoin halved year. This suggests that investors who start purchasing ETH tokens as early as December could 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
