Ethereum (Ether) is repeating its price action against Bitcoin from the 2021 bull market, leading to predictions that it could soar for gains of up to 170% in under two months. New analysis shows Ether is perfectly matching the moves that launched its previous massive rally against the largest cryptocurrency.
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This strong bullish momentum comes as the ETH/BTC pair has also broken out of a five-month downtrend, signaling a definitive shift in market dynamics. A 170% gain from current levels would put the price of one Ether at around 0.092 BTC, or roughly $8,500.
Trader Says “You Know What’s Coming”
Analysis shared by a trader named Mags on X shows the ETH/BTC chart playing out almost identically to the 2021 bull run. After spending years grinding lower against Bitcoin, Ether bottomed out in April at the exact same lows that preceded the last bull market.
The chart shows that a reversal upward was followed by an initial top and a support retest, a pattern that is now being repeated. Mags noted that the current price action is around the exact support zone from where it previously “pumped 170% in just 7 weeks.” The trader simply commented: “You know what’s coming.”
$3,700 Is The Immediate Price Target for Ether
The strong performance of Ether against Bitcoin has caught attention across the crypto community. Digital asset lawyer Joe Carlasare observed that the ETH/BTC pair has definitively broken out of a downtrend that had lasted almost half a year.
Meanwhile, trader and analyst Michaël van de Poppe told followers that he wants to see Ether hold the previous resistance zone as support. This action would signal that buyers are willing to step in on higher grounds than last week, which would set the stage for a potential rally to the next major target of $3,700.
Bitcoin Targets $100,000 Next Week
The bullish outlook is not limited to Ether. Analysts are also seeing signals that a Bitcoin price bottom is forming, echoing signs seen during the low point of the 2022 bear market.
Analyst Van de Poppe argued that the broader market correction is likely complete. He predicted that if the $91,500 level holds as support, the crypto market could see a test of $100,000 for Bitcoin as soon as next week.
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