Ethereum Price Set to Target Over $20,000 Amid Breakout Pattern
Bitcoin (BTC) has recently achieved new all-time highs, while Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has not seen a significant price rally. A crypto analyst suggests that this bearish trend may soon reverse, as ETH appears to be mirroring its breakout pattern from the 2017-2018 cycle. This analysis indicates that ETH could potentially reach a target above $20,000.
Ethereum Price Targets Above $20,000
TradingView analyst Mr. Tycoon has expressed a bullish outlook for Ethereum, suggesting that it could surge to as high as $23,000 in this cycle. He noted that recent price actions indicate an imminent rally for the leading altcoin.
Ethereum previously experienced a record price surge during the 2021 bull market, peaking above $4,800. The analyst highlighted that the fractal patterns of Ethereum's price movements in past cycles align with current trends, indicating a potential upcoming rally.
Mr. Tycoon provided a chart comparing Ethereum's price movements during the 2017-2021 and 2021-2025 cycles. In the previous four-year cycle, Ethereum reached a macro bottom in 2019 before a significant rally followed Bitcoin’s all-time high in 2021.
A similar trend is observed in the current cycle, where Ethereum hit its macro bottom in 2022. According to the analyst, Bitcoin reached an ATH in 2024, paralleling the 2021 cycle.
Historically, Ethereum tends to rise after Bitcoin enters price discovery, indicating that Bitcoin typically leads market cycles. Following Bitcoin’s new ATH, ETH often experiences notable rallies.
Based on these observations, Mr. Tycoon predicts that Ethereum could significantly increase, surpassing previous all-time highs and potentially reaching $23,000, representing a 557% increase from its current value.
Best Time to Buy ETH
Currently trading at $3,586, crypto analyst 'Crypto Ash' has projected that ETH could rally to between $10,000 and $15,000 in this bull cycle.
The analyst identified December 2024 as the optimal time to begin accumulating Ethereum, citing historical trends of significant price growth from January to April following Bitcoin halving years. This suggests that investors starting to purchase ETH tokens in December may be well-positioned for gains if prices rally in Q1 2025.
