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With the recent trend of the Ethereum -Perrend, a crypto analyst has pointed out that the Altcoin could be looking for phase one similar meeting as with Bitcoin was seen In 2021, crypto -analyst trading shot pointed to the similarities in a recent analysis and show where the price could go if it could be played in the same way.
Ethereum looks like Bitcoin did in 2021
In the analysis on TradingView, Crypto Analyst Tradeshot shown How this Ethereum cycle movement resembled the cycle movement of Bitcoin 2021. The first of these was recovery from a big price crash that led to a new cycle of low points for the cryptocurrency before he organized a recovery that it pushed to new highlights.
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The crash happened for Bitcoin when the COVID-19 Lockdown was announced. After this, the Bitcoin price had fallen by more than 50% from more than $ 9,000 to less than $ 4,000 in less than a month. After this, however, the Bitcoin price recovered from the cycle depth, which crossed the 1-week MA50 and then breaking the lower high trend line and reaching new all-time highlights.
For Ethereum, the crypto analyst pointed to the price crash caused by the tariff wars of Donald Trump as similar to Bitcoin Covid -Crash. After Donald Trump had announced rates for other countries, the Ethereum price also deposited with a large margin, from more than $ 2,400 to less than $ 1,500 in less than a month. This is called the ‘trade war -crash’ and the Altcoin is still staggering of the decline.
Currently, the Ethereum price is on the point that it is still trying to break above the 1-week MA50, which is now the most important level to beat to confirm this trend. Just like Bitcoin, it has also seen the formation of great resistance at the lower highlights, and this is exactly at the level of $ 4,200. This means that the Ethereum price still has about a rally of 50% to complete Before it confirms a similar trend as a bitcoin.
How high ETH price could go if it plays
If Ethereum reclaims the 1W 50ma and then the lower highlights breaks at $ 4,200, with which this trend is confirmed, then resulting rally can be exceptional. After breaking the lower highlights, for example, the Bitcoin price reached new all-time highlights of $ 69,000 in 2021. This means that the price in the space of one year went from less than $ 4,000 to $ 69,000.
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A similar rally would mean that the Ethereum -price would be higher than $ 10,000. It would take the same timelines in position, it would be ETH for this price somewhere in 2026, a year from the moment the Trade Wars -Crash had taken place. A closer parabolic rally and an imitation of Bitcoin’s rally of 1,700% would mean a price tag above $ 15,000 for the second largest cryptocurrency in the room.
Featured image of dall.e, graph of tradingview.com