Ethereum Price Analysis: Could ETH Hit $23,000 Soon?
As Bitcoin continues to break new all-time highs, Ethereum has been lagging behind in terms of price action. However, a crypto analyst believes that this bearish trend could be coming to an end, with Ethereum potentially following a breakout pattern similar to the 2017-2018 cycle. This could mean that the ETH price is on track to reach a remarkable new target above $20,000.
According to Mr. Tycoon, a TradingView analyst, Ethereum is poised for a significant price surge, potentially reaching as high as $23,000 in this cycle. He has expressed strong optimism about Ethereum’s recent price movements, stating that the altcoin is gearing up for a major rally in the near future.
In the previous bull market of 2021, Ethereum reached an all-time high above $4,800. The analyst has pointed out that Ethereum’s fractal from the previous cycle aligns with the current price action, indicating a potential rally on the horizon.
Analyzing Ethereum’s price movements in the 2017-2021 and 2021-2025 cycles, Mr. Tycoon noted that Ethereum hit a macro bottom in 2019 before experiencing a significant rally following Bitcoin’s new all-time high in 2021. A similar pattern is emerging in the current four-year cycle, with Ethereum hitting its macro bottom in 2022 and showing signs of a potential rally.
Historically, Ethereum tends to pump after Bitcoin enters a price discovery phase. This suggests that once Bitcoin sets a new all-time high, Ethereum usually follows suit with a notable price surge.
With this analysis in mind, Mr. Tycoon predicts a substantial price increase for Ethereum, potentially surpassing previous all-time highs and reaching above $23,000. This surge would represent a 557% increase from the current market value of ETH.
Another crypto analyst, ‘Crypto Ash,’ has projected a rally for Ethereum to $10,000 or $15,000 in this bull cycle. He suggests that the best time to start accumulating Ethereum tokens was in December 2024, as historical data shows significant price growth for Ethereum from January to April following each Bitcoin halving year.
Overall, the outlook for Ethereum’s price is bullish, with analysts predicting significant gains in the near future. Investors who position themselves early could stand to benefit from potential price rallies in the coming months.