Is Ethereum secretly mirroring Bitcoin’s past performance? One analyst thinks so, and it’s a bullish prediction despite recent record selling.
A Look Back at Bitcoin’s 2018-2021 Cycle
Crypto analyst The Cryptagon noticed a striking similarity between Ethereum’s current price action and Bitcoin’s performance from 2018 to 2021. He believes this historical parallel suggests a positive future for ETH. Even with the recent downward pressure, he remains optimistic.
Holding Strong Despite the Pressure
While Ethereum has faced significant selling pressure since December and nearly hit a 12-month low, The Cryptagon argues this isn’t a reason to panic. He points to Bitcoin’s 2021 rebound from a similar situation, which led to a massive price surge. He predicts Ethereum could follow suit, potentially reaching $8,000.
Record Selling: A Worrying Trend?
This optimistic outlook comes despite alarming data. Cryptoquant founder Ki Young Ju reported record-high selling of Ethereum over the past three months. This heavy selling has caused ETH to underperform compared to other major cryptocurrencies like XRP and Solana, which have recently hit new all-time highs.
A Crucial Price Point for Ethereum
Analyst Ali Martinez highlights $1,887 as a critical support level for Ethereum. A significant amount of ETH was purchased around this price, and a drop below it could trigger a massive sell-off, potentially sending the price plummeting to as low as $800. He notes that Ethereum recently broke through a key resistance level, increasing the likelihood of a significant price drop.
Current Ethereum Price and Outlook
At the time of writing, Ethereum is trading slightly above $1,893. While the situation is volatile, the analysts’ differing perspectives highlight the uncertainty surrounding Ethereum’s near-future price movements.
