Ether (ETH) is teasing 170% gains in under two months as history repeats itself against Bitcoin (BTC).
Key points:
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Ether has the potential to rematch long-term highs above 0.09 in Bitcoin terms.
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Bull market history continues to play out for the largest altcoin, with $3,700 the next target.
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Bitcoin itself could see $100,000 as soon as next week, analysis predicts.
Trader on ETH bull run: “You know what’s coming”
New analysis released on X Friday by trader Mags shows ETH price action playing out identically to the 2021 bull market.
Ether has spent years grinding lower in BTC terms, but the past few months have given the narrative a firmly bullish slant.
As Mags notes, ETH/BTC bottomed out in April, while wicking to the exact lows that laid the foundation for the previous bull run.
A reversal upward then produced an initial top in February 2021, followed by a support retest — a pattern now being repeated. What happens next could well be music to the ears of long-suffering ETH hodlers.
“Right now, it’s around the exact support from where it pumped 170% in just 7 weeks, printing seven weekly green candles in a row, followed by a slow distribution phase,” Mags commented.
ETH/BTC chart. Source: Mags/XA 170% gain from current levels would put 1 ETH at around 0.092 BTC, or $8,500.
Ether price performance against Bitcoin caught attention elsewhere in the crypto community this week. Digital asset lawyer Joe Carlasare observed ETH/BTC breaking out of a downtrend that had lasted almost half a year.
I’dd love to see $ETH hold this previous resistance zone as support,” crypto trader, analyst and entrepreneur Michaël van de Poppe told X followers Wednesday.
ETH/USDT 12-hour chart. Source: Michaël van de Poppe/X$100,000 Bitcoin price back on the table
As Cointelegraph reported, talk of a long-term BTC price bottom also continues to stem from promising price indicator data.
Related: ‘Inevitable’ $50K BTC price crash: 5 things to know in Bitcoin this week
Several yardsticks have begun to echo signals seen during the pit of the 2022 bear market for BTC/USD.
Despite this, major concerns remain over Bitcoin’s strength at current levels, with even the 2025 yearly open at $93,500 still unable to be reclaimed as support.
“I still think thatwe’ree done with this entire correction and are forming a bottom, before we go back into a leg upwards to the ATH,” Van de Poppe argued on the day.
BTC/USDT six-hour chart. Source: Michaël van de Poppe/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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