Key points:
Ether is on track to reach $20,000 as a lifelong price channel stays relevant, says a popular trader.
ETH may even break beyond the channel for the first time in history.
Against Bitcoin, Ether bulls still have a lot of work to do to match all-time highs from 2021.
Ether (ETH) has a new $20,000 target as hyper-bullish price predictions join the push to seven-month highs.
New X analysis from popular trader Merlijn sees ETH/USD repeating a rare chart move, which could produce another 375% gain.
ETH price channel opens road to $20,000 — Trader
Ether is getting traders excited again as it crosses the $4,000 mark for the first time since late 2024.
Going on to reach $4,249 on Bitstamp Saturday, the largest altcoin by market cap now has a new sky-high price target to match the current mood.
Uploading a chart to X, Merlijn highlighted the price acting inside a rising channel, the ceiling of which it has only hit twice before.
The last tap of the upper trend line marked Ether’s latest all-time high of $4,875, which it set back in November 2021.
“7 years in the making. 2 touches,” he commented.
“One breakout that changes everything. $ETH is riding the same channel that launched it from $100 to $4,000.”
Audio commentary gave an ETH price target for the third touch of the upper trend line as up to $20,000. Price, however, could continue beyond that boundary for the first time in history.
“Momentum is coiling. RSI is reset. The ignition sequence is armed. Next stop? Straight to the top of the channel and beyond,” Merlijn added.
Ether needs 150% gains against Bitcoin
Against Bitcoin (BTC), Ether still has much ground to reclaim.
Related: Bitcoin Energy Value metric says ‘fair’ BTC price is as much as $167K
ETH/BTC, while up over 15% over the past week, is still hovering around its yearly open level.
A month after its USD record in late 2021, Ether put in its current peak in BTC terms at 0.0883. Reaching that level again currently requires 150% upside, data from Cointelegraph Markets Pro and TradingView confirms.
New all-time highs could be more attainable, with popular trader BitBull seeing the potential for ETH price discovery to return within a fortnight.
“It broke above $4.1K today, led by massive short squeeze and institutional buying,” part of an X post Saturday reads.
“But what’s next? $ETH needs a strong weekly close above this level now. If that happens, a new ATH will happen in 1-2 weeks.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
