Ethereum Price May Mirror Bitcoin’s 2018-2021 Cycle Despite Selling Pressure
Analyst The Cryptagon suggests that Ethereum may be mirroring Bitcoin's 2018-2021 cycle, indicating a potential bullish trend for ETH despite ongoing selling pressure. Key points include:
- Ethereum has closely followed Bitcoin’s past price cycles.
- Record selling among ETH investors continues to exert downward pressure.
- ETH is nearing a crucial 12-month support level.
- The Cryptagon predicts Ethereum could reach $8,000 if it follows the 2021 BTC trajectory.
- In contrast, ETH has underperformed compared to altcoins like XRP and Solana.
- Analysis by Ali Martinez highlights $1,887 as a critical support level; falling below this could trigger further declines.
- Possibility of ETH dropping to $800 has been raised due to recent breakouts from resistance levels.
Currently, Ethereum trades at approximately $1,893, showing a slight increase of over 1% in the last 24 hours.
