As a seasoned researcher with years of experience tracking the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The current surge in Bitcoin’s price has been nothing short of remarkable, and I find myself intrigued by Ben Lilly’s prediction for Ethereum.
For approximately a week now, the cost of Ethereum has stabilized following its four-month peak at $3,420. Being the second largest cryptocurrency, Ethereum’s value tends to closely mirror that of Bitcoin. However, it can be argued that Ethereum has trailed behind in terms of performance during this ongoing bull market. Notably, crypto analyst Ben Lilly recently expressed a daring forecast concerning Ethereum’s price movement.
On the social media platform X, Ben Lilly shared his expectation that Ethereum’s price will hit a record peak (new all-time high) somewhere between December 21, 2024, and January 7, 2025. This forecast is based on his study of Ethereum’s past price fluctuations, particularly during Bitcoin’s previous all-time high discovery period in 2021.
A Historical Parallel: Ethereum’s 2021 Rally
In his examination, Ben Lilly looked at how the price of Ethereum changed during the significant increase in Bitcoin’s price during the 2021 bull market. At that point, the cost of Ethereum was almost 60% lower than its peak from 2018. Once Bitcoin reached new record highs, it took Ethereum around five weeks to match this trend, increasing by approximately 640% to reach its current all-time high of $4,878.
Lilly thinks the current market situation is similar to that of 2021, with Bitcoin currently in the process of determining its own price value. Meanwhile, Ethereum, which was around half of its peak price of $4,418 in 2021 as recently as November 2024, has begun to bounce back, recording over 20% growth within merely two weeks, following a low of $2,366 on November 4.
It’s worth noting that the analyst’s observations imply that Bitcoin’s persistent high prices could be followed by a significant increase in Ethereum’s value in the near future. According to his predictions, this substantial price rise may occur around late December 2024 and early January 2025.
According to his predictions, the analyst believes Ethereum might follow its past trend and see a substantial increase in a short period. He points out that if this happens, Ethereum’s price could soar by 300% from its November 4 low, potentially reaching around $10,000.
ETH will form a new ATH between Dec 21-Jan7.
I don’t make the rules.
— Ben Lilly (@MrBenLilly) November 20, 2024
Current State Of The Ethereum Price
Ben Lilly’s Ethereum price forecast underscores the significant impact of Bitcoin’s price movement on that of the second-largest cryptocurrency. Notably, the pattern he referenced in 2021 is a reflection of an altcoin rally, where the altcoin market, primarily driven by Ethereum, began to outshine the price of Bitcoin.
So far in this market cycle, there hasn’t been a surge of altcoins, with most attention being focused on Bitcoin. Currently, Bitcoin’s price is skyrocketing to new record levels, which suggests that investors are still heavily invested in it. This means the wait continues for the focus to shift towards Ethereum and other altcoins.
Currently when I’m typing this, the Ethereum (ETH) price stands at approximately $3,107, marking a decrease of around 3.84% over the last week.
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2024-11-21 21:05