Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The Ethereum price may be setting the stage for a historic breakout, as a new technical analysis suggests that ETH is closely mirroring the Bitcoin (BTC) price action from 2020 to 2021. With Ethereum currently consolidating beneath a long-term downtrend line and approaching critical resistance, a crypto analyst eyes a potential move to $20,000 if the historic pattern continues to play out. Ethereum Price Mirrors Bitcoin’s Historic 2021 Pattern
According to a new analysis by crypto market expert Ted Pillows, Ethereum’s current price structureis beginning to reflect a striking resemblance to Bitcoin’s breakout phase in late 2020. The analyst’s chart showsETH following a nearly identical pattern of accumulation, re-accumulation, and compression within a descending triangle fractalthat Bitcoin displayed before its parabolic bull run in 2021. Related Reading Billionaire Mike Novogratz Says Ethereum Will Enter Price Discovery If It Takes Out This Level 3 days ago
At the time, Bitcoin had surged from a whopping $9,550 to roughly $64,000, marking a significant price increase of 570.37%. Just like BTC during the COVID pandemic shakeout, Pillow’s analysis shows that ETH has now emerged from a prolonged consolidation phaseand is testing the downtrend resistance line that has capped its highs since the 2021 peak. If Ethereum breaks through its diagonal resistance, the analyst’s chart indicates that a vertical surge toward $29,500 may become technically viable. This would represent a significant increase of approximately 672% from the cryptocurrency’s current price of $3,820. Source: Ted Pillows on X
Notably, the path to this bold target mirrors Bitcoin’s trajectory after it broke out of its long-term downtrend, triggering a rapid and exponential move. The chart also illustrates a potential breakout zone that aligns with the timing of the previous cycle’s price expansion—indicating that Ethereum could be preparing for its most powerful price rally yet.
While the trajectory of Pillows’ arrow on the chart targets a possible surge toward $29,500, the top of the green shaded zone suggests Ethereum could reach a peak above $58,500. Such a bold move would mark a historic breakout, representing a surge of roughly 1,432% and placing ETH at nearly half of Bitcoin’s priceof $118,940 as of writing. Analyst Sets $5,000 As ETH’s Minimum Target
Due to Ethereum’s bullish run lately, a few analysts in the crypto community have forecasted a potential rally toward the $5,000 mark—a move that would set a new all-time high for the leading altcoin. However, while many considera surge to $5,000 a major milestone, Pillows views this target as merely a baseline. Related Reading This Ethereum Descending Broadening Wedge Pattern Looks Similar To 2019-2020, Here’s What Happened Last Time 5 days ago
He has set$5,000 as the minimum target for his outlook, emphasizing his firm conviction in ETH’s bullish potential.On the chart, Ethereum’s recent consolidation is marked as a re-accumulation zone, setting the foundation for a significant rally. With a breakout from its long-term resistance in sight, Pillows’ analysis suggests that Ethereum could experience an extended bull phase with limited overhead resistance. ETH trading at $3,879 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com