Ethereum Price Eyes New Target Above $20,000
While Bitcoin (BTC) has reached new all-time highs this month, the Ethereum price has failed to experience a significant rally, befitting its position as the second-largest cryptocurrency by market capitalization. However, a crypto analyst suggests that this bearish price action could soon end, as Ethereum (ETH) appears to be repeating its breakout pattern from the 2017 to 2018 cycle. Based on this analysis, the ETH price could be on track to hit a remarkable new price target above $20,000.
Mr. Tycoon, a TradingView analyst, has shared his intense bullish outlook for the Ethereum price, suggesting that the number one altcoin in the crypto market could surge as high as $23,000 this cycle. The analyst shared his optimism about Ethereum’s recent price action, emphatically declaring that the altcoin is about to “send higher soon.”
Ethereum last experienced a record-breaking price surge during the 2021 bull market, when it achieved an ATH above $4,800. The TradingView analyst has revealed that Ethereum’s fractal in the previous bull cycle versus this current cycle follows a similar pattern, indicating an imminent rally.
Analyst Reveals Best Time To Buy ETH
With this in mind, Mr. Tycoon predicts a significant price increase for Ethereum, suggesting that it could surge past previous all-time highs and rise above $23,000. This impressive price rally would represent a 557% increase from the current market value of ETH.
A crypto analyst identified as ‘Crypto Ash’ has projected that a rally to $10,000 or $15,000 is highly probable for the top altcoin this bull cycle.
Why Ethereum’s Price Could Soon Break Out
A similar price action is also seen in this current four-year cycle, where Ethereum hit its macro bottom in 2022 and then declined significantly. Based on the analyst’s chart, Bitcoin reached an ATH in 2024, just like it did in the 2021 bull cycle.
The TradingView analyst noted that historically, Ethereum starts pumping after Bitcoin enters a price discovery. This implies that Bitcoin typically leads the market cycles, and once it finds a new ATH, ETH tends to follow, experiencing a notable rally.
Conclusion
The experts’ opinions suggest that Ethereum’s price could soon break out of its current range and rally to new heights. With a potential target of $23,000 and a predicted 557% increase, investors should keep a close eye on this top altcoin.
FAQs
Q: What is the current price of Ethereum?
A: As of writing, the current price of Ethereum is $3,586.
Q: What is the predicted target price for Ethereum?
A: The predicted target price for Ethereum is $23,000, representing a 557% increase from the current market value.
Q: When is the best time to buy Ethereum?
A: According to the analyst, the best time to buy Ethereum is in December 2024, which represents a prime entry point for investors.
Q: What is the significance of the Bitcoin halving event for Ethereum’s price?
A: Historically, Ethereum has experienced significant price growth from January to April after each Bitcoin halving year. This suggests that investors who begin purchasing ETH tokens as early as December may be well-positioned for gains if the ETH price rallies in Q1 2025.
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