As Bitcoin (BTC) has been setting new records this month, Ethereum (ETH) has yet to mirror this upward momentum, despite being the second most prominent cryptocurrency by market capitalization. However, optimism is in the air as a crypto analyst believes that Ethereum’s current bearish stance could soon transform into a bullish breakout, reminiscent of its 2017-2018 cycle. Should this pattern hold, Ethereum could potentially reach an impressive price target exceeding $20,000.
Ethereum Price Eyes New Target Above $20,000
According to Mr. Tycoon, a well-regarded TradingView analyst, Ethereum could skyrocket to as high as $23,000 in the current cycle. His analysis reveals a bullish sentiment, asserting that Ethereum is on the verge of a substantial price increase. The altcoin last experienced a monumental surge during the 2021 bull market, peaking at over $4,800. Mr. Tycoon’s analysis shows that Ethereum’s current and previous cycles share a similar fractal, indicating a potential rally on the horizon.
Ethereum’s Historical Price Movements
Mr. Tycoon shared a comprehensive chart illustrating Ethereum’s price trajectory during the 2017-2021 and 2021-2025 cycles. In the previous cycle, Ethereum reached a macro bottom in 2019 before embarking on a significant rally, which was catalyzed by Bitcoin achieving a new all-time high in 2021. This pattern appears to be repeating itself in the current cycle, with Ethereum finding its macro bottom in 2022 and experiencing a notable decline.
Bitcoin’s Influence on Ethereum’s Price
The TradingView analyst highlighted a recurring trend where Ethereum begins its ascent after Bitcoin enters a phase of price discovery. Historically, Bitcoin tends to lead market cycles, setting new all-time highs before Ethereum follows suit with its own rally. In light of this, Mr. Tycoon predicts Ethereum’s price could surpass previous highs and potentially reach $23,000, marking a 557% increase from its present market value.
Analyst Reveals Best Time To Buy ETH
Currently trading at $3,586, Ethereum is projected to rally towards $10,000 or even $15,000 during this bull cycle, according to another crypto analyst known as ‘Crypto Ash’. This suggests a promising future for the top altcoin as it prepares for a potential surge.
Timing the Market: When to Invest in Ethereum
‘Crypto Ash’ advises that December 2024 represents an ideal entry point for investors aiming to accumulate Ethereum. His analysis suggests that Ethereum has historically experienced notable price growth from January to April following each Bitcoin halving year. Therefore, early purchases in December could position investors advantageously for substantial gains if Ethereum’s price experiences a rally in the first quarter of 2025.
Conclusion: Potential Gains on the Horizon
With Ethereum holding steady at its support levels, the potential for a significant price increase remains a compelling prospect for investors. The insights provided by these analysts offer a strategic perspective on market trends, guiding investors on the optimal times to engage with the cryptocurrency market.
