Ethereum price was consolidation for about a week since hitting a four-month high of $3,420. As the second largest cryptocurrency, Ethereum has the highest price correlation with Bitcoin. However, you can argue with Ethereum’s price has largely been left behind in terms of performance throughout the ongoing bull cycle. Interestingly, cryptocurrency analyst Ben Lilly shared a bold prediction about Ethereum’s price trajectory.

In a post on the social media platform 2021

Historical parallel: Ethereum’s 2021 rally

Ben Lilly alluded to this issue in his analysis Ethereum price behavior during Bitcoin’s historic price rally in the 2021 bull market. At that time, Ethereum’s price was almost 60% below its 2018 peak. After Bitcoin broke out to fresh ATH levels, Ethereum took five weeks to follow suit, surging around 640% and reaching a current ATH of $4,878.

Lilly believes that current market conditions reflect those of 2021, with the price of Bitcoin recently entering price discovery mode. Ethereum, which was roughly 50% below its 2021 high of $4,418 in November 2024, has begun to recover, showing a gain of over 20% in just two weeks from its November 4 low of $2,366.

Interestingly, analyst comments indicate that as Bitcoin price continues to set recent price records this bull run, Ethereum will probably follow with significant price increases coming soon. It anticipates the time frame for this significant price jump to be tardy December 2024 and early January 2025.

Based on his forecasts, the analyst claims that Ethereum may repeat its historical pattern and grow significantly in the tiny term. He highlights that a 300% rally from Ethereum’s November 4 price low could push it towards the $10,000 level.

ETH will create a recent ATH in the period from December 21 to January 7.

I don’t make the rules. pic.twitter.com/NVgVdQ8Bsj

— Ben Lilly (@MrBenLilly) November 20, 2024

The current state of the Ethereum price

Ben Lilly’s Ethereum price forecast highlights the importance of Bitcoin’s price momentum for the second-largest asset. Specifically, the 2021 formula he pointed to is a altcoin season result where the altcoin market (led by Ethereum) began to outperform the Bitcoin price.

In the current situation, the altcoin season has begun has not yet materialized this cycleand all the interest goes towards Bitcoin. Bitcoin’s price is currently at an all-time high, which means the market will have to continue to wait for interest in Ethereum to enhance.

At the time of writing, ETH is trading at $3,107 and is down 3.84% over the last seven days.

Featured image created with Dall.E, chart from Tradingview.com