While Bitcoin (BTC) hit recent all-time highs this month, the price Ethereum price has not experienced significant growth, consistent with its position as the second largest cryptocurrency by market capitalization. However, a cryptocurrency analyst suggests that it does bearish price action may end soon as Ethereum (ETH) appears to be repeating its breakout pattern from the 2017-2018 cycle. Based on this analysis, ETH price may be on track to reach A level unusual recent price target over $20,000.

Ethereum price has a recent target above $20,000

Mr. Tycoon, TradingView analyst, yes common its intense bullish outlook for Ethereum pricewhich suggests that the number one altcoin in the cryptocurrency market could surge as high as $23,000 this cycle. The analyst shared his optimism about Ethereum’s recent price action, firmly declaring that the altcoin will “reach higher soon.”

Ethereum last experienced record price growth during the 2021 bull market, when it reached an ATH above $4,800. This was revealed by a TradingView analyst Ethereum fractal in the previous bull cycle compared to the current cycle is similar, indicating an imminent boost.

Mr. Tycoon provided a detailed comparison chart Ethereum price movements in the 2017-2021 and 2021-2025 cycles. In the previous four-year cycle, Ethereum reached a level of approx macro bottom in 2019experiencing price fluctuations before registering a significant rally after Bitcoin broke its all-time high in 2021.

Similar price action is also perceptible in this current four-year cyclewhere Ethereum hit a macro low in 2022 and then declined significantly. Based on the analyst’s chart, Bitcoin will reach ATH in 2024similar to what happened during the 2021 bull cycle.

The TradingView analyst noted that, historically speaking, Ethereum begins to pump after Bitcoin enters a price discovery period. This means that Bitcoin tends to lead market cycles, and when it finds a recent ATH, ETH tends to follow themexperiencing significant growth.

With this in mind, Tycoon predicts a significant boost in Ethereum prices, suggesting that it could surpass previous all-time highs and rise above $23,000. This impressive price boost would represent a 557% boost over ETH’s current market value.

Analyst reveals the best time to buy ETH

While Ethereum is currently trading at $3,586, a crypto analyst identified as “Crypto Ash” stated predicted that a rally to $10,000 or $15,000 is highly likely for the largest altcoin in this bull market cycle.

The analyst revealed that this is the best time start collecting Ethereum took place in December 2024, which is the main entry point for investors. His analysis indicates that historically, Ethereum has seen significant price increases from January to April following each of these Bitcoin halving year. This suggests that investors who start purchasing ETH tokens as early as December could be well-positioned to profit if the ETH price rises in the first quarter of 2025.

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