Ethereum (ETH) Price Set to Surge as Pattern Mirrors Bitcoin Performance

Ethereum (ETH) price has been exhibiting negative sentiment as it trades 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, one 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 Performance

On Friday, April 28, the price of Ethereum 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.

However, one 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.

As the chart below shows, the 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.

Now, if we look at the daily ETH price chart below, we can see that it 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.

Then, the Ethereum price dropped below the neckline at $2,135 in March and has struggled to move back up. However, 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 Surge

It remains to be seen what will drive the next leg of the Ethereum price rally. 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)

1. Will Ethereum price mirror Bitcoin and surge?

2. What is the most likely ETH price forecast?

3. Which catalysts does Ethereum coin needs?