Price Analysis

Predicting Ethereum Price Target as ETH Mirrors Bitcoin’s Rally that Pushed it to $100k

Find out why the Ethereum price may stage a strong bullish breakout by comparing its daily and three-day charts.
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Predicting Ethereum Price Target as ETH Mirrors Bitcoin’s Rally that Pushed it to $100k

Highlights

  • A crypto analyst has identified a close similarity between Bitcoin and Ethereum price.
  • He has noted a close resemblance between ETH’s daily chart and Bitcoin’s 3D chart.
  • These patterns point to an eventual ETH price surge in the coming weeks.

Ethereum (ETH) price continues to exhibit negative sentiment as it hovers at its lowest levels in 2023 against the US dollar. It has crashed to its 2020 lows against Bitcoin and a record low against Solana. However, a contrarian crypto analyst expects the ETH price to rebound, citing a similarity with Bitcoin’s pattern that pushed it to $100k.

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Ethereum Price Set for a Surge as Pattern Mirrors Bitcoin Performance

Ethereum price today trades at $1,835, having risen by 32% from its April lows. While this recovery is good, it is showing signs that it is struggling to recoup the crucial resistance level at $2,000. Such a move would likely attract more bulls taking it much higher this year.

A crypto analyst has identified a close similarity between the daily ETH price chart and the three-day Bitcoin chart and predicted that it will have a strong bullish breakout in the coming months or weeks.

The chart below shows that Bitcoin price formed a double-top-like pattern in 2021 and 2022, leading to a crash from $69,000 in 2022 to a low of $15,522 in late 2022. It crossed the neckline of this pattern at $29,361. After staying below the neckline for months, the coin staged a strong bull run that pushed it to a record high of $109,300 earlier this year.

Ethereum price similarity with Bitcoin

The daily ETH price chart also exhibits the same chart pattern. It formed a double-top pattern at $4,086. The first peak was in March last year, and the second one happened in November amid the crypto market rally.

Ethereum price then dropped below the neckline at $2,135 in March and has struggled to move back up. Therefore, if everything works out well as it did with Bitcoin, it means that ETH will also stage a strong comeback later this year. Such a move would likely propel it to $4,000 or Justin Sun’s ETH prediction of $5,000.

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Potential Catalysts for ETH Price to Surge

Ethereum price would need a few catalysts for its price to skyrocket this year. Like other altcoins, it needs the value of Bitcoin to surge. Fortunately, analysts see this scenario happening. For example, Robert Kiyosaki sees Bitcoin price hitting $200,000, while Ark Invest expects it to soar to $2.4 million by 2030.

Further, ETH price would also surge if the macroeconomic picture improves. A US-China trade deal, coupled with Federal Reserve rate cuts, would also propel it higher.
Internally, the upcoming Fusaka hard fork may be a good catalyst. It also needs to start gaining market share in industries like DEX, where it is losing ground to chains like Base and Solana.

Frequently Asked Questions

Will Ethereum price mirror Bitcoin and surge?

Technicals suggest that ETH price has formed a similar pattern to what Bitcoin did a few years ago. This signals that it may eventually soar in the coming months.

What is the most likely ETH price forecast?

ETH bearish trend will become invalid if it crosses the neckline of the double-top pattern at $2,136. Such a move would signal a jump to $3,000.

Which catalysts does Ethereum coin needs?

Ethereum needs a supportive crypto market for the rally to continue. A strong Bitcoin surge as analysts predict will push it higher.
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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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