Ethereum Price Forecast: Analyst Predicts Surge to $23,000
While Bitcoin (BTC) has been breaking new all-time highs, Ethereum (ETH) has been lagging behind. However, a crypto analyst suggests that this bearish trend may soon come to an end as Ethereum seems to be following a similar breakout pattern from its 2017-2018 cycle. According to the analysis, ETH could potentially reach a new price target above $20,000.
Ethereum Price Poised for a Breakout
Mr. Tycoon, a TradingView analyst, has recently shared his bullish outlook on Ethereum’s price, predicting a surge to as high as $23,000 in the current cycle. He believes that Ethereum is on the verge of a significant price rally.
During the 2021 bull market, Ethereum reached an all-time high above $4,800. The analyst points out that Ethereum’s price movement in the previous bull cycle closely resembles the current cycle, indicating a potential rally ahead.
By comparing Ethereum’s price movements in the 2017-2021 and 2021-2025 cycles, Mr. Tycoon highlights a similar pattern where Ethereum hit a macro bottom in 2019 and then surged after Bitcoin broke its all-time high in 2021.
In the current cycle, Ethereum hit its macro bottom in 2022 and is now showing signs of a potential rally as Bitcoin approaches a new all-time high. Historically, Ethereum tends to pump after Bitcoin enters price discovery, indicating a positive outlook for ETH’s price in the near future.
Optimal Time to Invest in ETH
While Ethereum is currently trading at $3,586, another crypto analyst known as ‘Crypto Ash’ has projected a potential rally to $10,000 or $15,000 in the current bull cycle.
According to ‘Crypto Ash’, December 2024 presents an ideal entry point for investors looking to accumulate Ethereum. Historical data suggests that Ethereum typically experiences significant price growth from January to April after each Bitcoin halving year, making it a favorable period for potential price surges.
Featured image created with Dall.E, chart from Tradingview.com