Ethereum (ETH) Price Pattern Mirrors Bitcoin’s Rally that Pushed it to $100k, What’s Next?
By: cryptosheadlines|2025/05/02 15:30:02
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com 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.Ethereum Price Set for a Surge as Pattern Mirrors Bitcoin PerformanceEthereum 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 BitcoinThe 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.Potential Catalysts for ETH Price to SurgeEthereum 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 (FAQs) 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. 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. Ethereum needs a supportive crypto market for the rally to continue. A strong Bitcoin surge as analysts predict will push it higher. ✓ Share: 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. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.Source link
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