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 sim...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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 2021In 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.
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 OutIf 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.
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.
Why this matters
This ethereum story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Ethereum (ETH) Price Prediction: ETH Volatility Compression Builds as Bulls Target $2,500 Recovery
Ethereum price has remained stuck in a tight trading range as volatility continues to fade, leaving traders waiting for the next m...
Ethereum developers propose privacy changes for next major upgrade
Ethereum's proposed privacy upgrades could redefine user anonymity and regulatory compliance, impacting blockchain transparency an...
Bitcoin (BTC) Price Prediction: Bullish RSI Divergence Signals Potential Rebound Toward $65.5K
A bullish divergence on the one-hour chart has drawn attention as the Bitcoin price remains near a key support area, although broa...
Wall Street finally turned staking into a dividend, now Ethereum and Solana want to shrink it
Grayscale's July 17 SEC filings said its Ethereum and Solana staking ETFs would convert staking rewards to cash and distribute the...
Bitcoin (BTC) Price Prediction: $66,400 Breakout Could End Months of Range-Bound Trading
The market’s next major directional signal could come from a break of the $62,200-$66,400 range, as Bitcoin continues to consolida...
Half of Aave’s debt sits in just 9% of positions built around one Ethereum correlation trade
Galaxy's Aug. 7 snapshot of Aave V3 Core found 19,073 loans on the protocol after applying standard filters. Fewer than 9% of thos...