Analyst Predicts Ethereum Will Still Surge to $20,000
Head of Macro Research Julien Bittel predicts that an Ethereum surge is still possible, and the asset can hit the $20,000 price mark. Bittel says that Ethereum’s current market structure resembles previous patterns seen in 2023, and following these patterns could result in a similar rally.
Ethereum’s price action is exhibiting signs of consistent accumulation, according to data from TradingView. This accumulation is a positive sign, as mass accumulation is often the predecessor of a significant breakout. According to Bittel’s forecast, prices will rise parabolically and resume their historical pattern from last year. ETH is currently trading at $2,638.96 at press time, up 6% in the past week. However, $3,000 has served as the ultimate resistance level for the asset.
The cryptocurrency market has benefitted from bullish momentum due to the growing adoption of crypto. Bitcoin is on the rise right now thanks to the resurgence of crypto ETFs, as well as crypto being a topic of conversation on a regulatory level. Thus, Ethereum is expected to maintain an upward trajectory as the overall market remains bullish.
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If Ether breaches the $3,000 resistance level, it might trigger a reversal pattern and begin to surge to new levels. A surge to as high as $20,000 would be extreme, as that is over 4x the current ATH of Ethereum. However, it isn’t completely impossible thanks to current buying pressure and market momentum. A string of positive outcomes, such as crypto case wins against the SEC and success of Spot Ethereum ETFs, could pump ETH further in value beyond its current high. Furthermore, as Bitcoin succeeds and rallies, Ethereum and the rest of the market could flourish.
Currently, Ethereum has been outperforming Bitcoin, so the latter indicator is looking like it’s in a great place. Ether has grown in value more than Bitcoin over the past week. Additionally, the ETH/BTC ratio is also up approximately 7% over the last seven days, reaching a three-week high of 0.0424 on September 23, according to TradingView data. It may take months into 2025 for ETH to reach $20,000. However, if Bitcoin’s historic climb in March 2024 is any indicator, nothing is impossible for Ethereum.