Analyst Predicts Ethereum Rally to $20K

Ethereum might be gearing up for its biggest bull run since 2017. A pseudonymous trader known as CrediBULL Crypto recently pointed to long term chart structures on both the ETH and Bitcoin pairs, arguing that a price target of $20,000 is completely realistic. While $10,000 remains a conservative minimum target for the cycle, the analyst expects the second largest cryptocurrency to break past those levels once the current market structure plays out.

The bullish outlook relies heavily on the idea that Ethereum has finished spending years underperforming Bitcoin. According to the analysis, the ETH and BTC pair has reached a solid accumulation zone after a four year decline. On the dollar chart, Ethereum is holding above crucial support near $1,385. If this support level holds steady, traders expect a multi wave advance that could eventually carry the asset past the $20,000 mark.

Not everyone in the trading community agrees on such lofty goals, as other market watchers remain skeptical about a five figure price tag. Even so, recent data shows positive momentum building up. Ethereum recently traded above $1,900 with solid gains over the past month, while funding rates on major exchanges hit six month highs. Traders should watch key support levels closely to see if the bullish structure holds up against market volatility.