Analyst Predicts Ethereum Price Will Reach New ATH by January 2025
The Ethereum price has been consolidating for about a week after reaching a four-month high of $3,420. As the second-largest cryptocurrency, it shows significant price correlation with Bitcoin. However, Ethereum's performance has lagged during the ongoing bull cycle. Crypto analyst Ben Lilly predicts that Ethereum will reach a new all-time high (ATH) between December 21, 2024, and January 7, 2025, based on historical price movements during Bitcoin’s ATH phase in 2021.
A Historical Parallel: Ethereum's 2021 Rally
Lilly referenced Ethereum's behavior during the Bitcoin rally in 2021 when Ethereum traded nearly 60% below its 2018 peak. Following Bitcoin's breakout to new ATH levels, Ethereum rallied by about 640% within five weeks, reaching its previous ATH of $4,878.
Currently, Ethereum is approximately 50% below its 2021 peak of $4,418. It has shown over 20% gains from a low of $2,366 on November 4, 2024. Lilly suggests that as Bitcoin continues to reach new highs, Ethereum is likely to follow suit soon, with substantial price increases projected around late December 2024 and early January 2025.
According to Lilly, Ethereum could replicate its historical pattern and surge significantly, potentially reaching toward the $10,000 mark with a 300% increase from its November 4 low.
ETH will form a new ATH between Dec 21-Jan7.
I don’t make the rules. pic.twitter.com/NVgVdQ8Bsj
— Ben Lilly (@MrBenLilly) November 20, 2024
Current State Of The Ethereum Price
Lilly's prediction emphasizes the influence of Bitcoin's momentum on Ethereum's price. The pattern observed in 2021 was part of an altcoin season where altcoins, led by Ethereum, began to outperform Bitcoin. Currently, an altcoin season has yet to emerge this cycle, with interest predominantly focused on Bitcoin. As of now, the ETH price is trading at $3,107, down by 3.84% over the past week.
