Ethereum Staging A Repeat Of Bitcoin’s 2021 Cycle? Here’s The Target

With the recent Ethereum price trend, a crypto analyst has pointed out that the altcoin could be looking to stage a similar rally to what was seen with Bitcoin back in 2021. Crypto analyst TradingShot pointed out the similarities in a recent analysis and showing where the price could go if it does play out the same way. Ethereum Looks Like Bitcoin Did In 2021 In the analysis posted on TradingView, crypto analyst TradingShot showed how this Ethereum cycle movement looked similar to Bitcoin’s 2021 cycle movement. The first of this was recovery from a major price crash that led to new cycle lows for the cryptocurrency, before staging a recovery that pushed it toward new highs. Related Reading: Is Altcoin Season Still Coming? Why Bitcoin Is To Blame Despite Making ATHs For Bitcoin, the crash happened when the COVID-19 lockdown was announced. Following this, the Bitcoin price had fallen more than 50% from above $9,000 to less than $4,000 in less than one month. However, after this, the Bitcoin price rebounded from the cycle lows, crossing the 1-week MA50, and then breaking the lower high trendline, and going on to reach new all-time highs. For Ethereum, the crypto analyst pointed to the price crash triggered by Donald Trump’s tariff wars as being similar to Bitcoin’s COVID crash. After Donald Trump announced tariffs on other countries, the Ethereum price also crashed by a large margin, going from above $2,400 to below $1,500 in less than a month. This has been dubbed the ‘Trade War Crash’, and the altcoin is still reeling from the decline. Currently, the Ethereum price is stuck at the point where it is still trying to break above the 1-week MA50, which is now the major level to beat to confirm this trend. Just like Bitcoin, it has also seen the formation of major resistance at the lower highs, and this sits right at the $4,200 level. This means the Ethereum price still has around a 50% rally to complete before it confirms a similar trend to Bitcoin. How High ETH Price Could Go If It Plays Out If Ethereum does reclaim the 1W 50MA and then breaks the lower highs at $4,200, confirming this trend, then the resulting rally could be exceptional. For example, after breaking the lower highs, the Bitcoin price went on to reach new all-time highs of $69,000 in 2021. This means that the price went from below $4,000 to $69,000 in the space of a year. Related Reading: Pundit Says Do Not Ignore Ethereum Amid New All-Time Highs In Major Metric A similar rally would mean that the Ethereum price would rise above $10,000. Taking the same timelines into position, it would put ETH at this price sometime in 2026, a year from when the Trade Wars crash had occurred. A closer parabolic rally and an imitation of Bitcoin’s 1,700% rally would mean a price tag above $15,000 for the second-largest cryptocurrency in the space. Featured image from Dall.E, chart from TradingView.com

Source: NewsBTC