CryptoYoddha, a well-known analyst with 49,000 followers on platform X, has pointed to a historical cyclical accumulation trend of Ethereum. This trend has previously led to significant price increases.
Historical Patterns and Future Predictions
Between 2018 and mid-2020, a clear pattern emerged: Ethereum accumulated for about 700 days before experiencing a dramatic increase from around $300 to over $4,800 in early 2021. CryptoYoddha suggests that, in the event of another breakout, Ethereum's price could rise to $10,000 or even reach $15,000. Currently, Ethereum is trading at approximately $3,600, after recovering from a low of $2,865.
#Ethereum will rally above $10,000 till the EOY pic.twitter.com/xVgmqtc27A
— Yoddha (@CryptoYoddha) May 13, 2024
Current Market Conditions and Comparison to Bitcoin
Despite these gains, Ethereum has not reached a new all-time high in the current market rally, unlike Bitcoin, which peaked at $73,682. The highest price of Ethereum this year was $4,066, recorded in mid-March, which is the highest since its peak of $4,860 in 2021.
Since the beginning of the year, Ethereum's price has risen by about 40%. Analysts believe there is still significant growth potential. CryptoYoddha indicates that the current accumulation phase suggests Ethereum could experience a substantial price increase once it breaks out of its pattern, aligning with the upper trendline of its historical price pattern.
