Ethereum (ETH) is looking upbeat once again as it tries to wrestle some measure of control from the bears. The second-largest cryptocurrency by market capitalization is currently mimicking the early explosive growth of Bitcoin itself, raising possibilities of a major price breakout, according to one popular crypto analyst on X (formerly Twitter).
Crypto GEMs, the X commentator in question, tweeted the similarity between BTC’s major price appreciation in early 2024 and Ethereum’s price action in recent months. According to another tweet by the same account, Ethereum is primed for an explosive rally, one that will take it above $4.2k in the coming months as the bull market intensifies.
Ethereum has had a disappointing 2024-2025 bull market overall when it comes to comparing it to the previous two cycles of 2016-2017 and 2020-2021. The premier programmable language has struggled to adapt to change and has encountered several dead ends in its development over the last couple of years. However, there is still a chance that ETH can provide the goods in the near future, as it is starting to show some promise.Â
Ethereum’s Recent Price Action
Here is the ETH/USD price action for the last three months:
According to this graph, ETH has been quietly trending upward over the last couple of months, following lows in early May. The crypto attempted to move to $3,000 early in June but failed to break through and is now trading around the $ 2,600 valuation. The coin currently has a massive $312 billion valuation, and a major move is expected to raise the stakes of crypto to new heights, potentially overtaking some of the major companies in terms of valuation.
Will ETH Finally Take Off Now?
ETH’s 2024-2025 bull market journey has been one to forget overall. The crypto has yet to post a new All-Time High (ATH) during this cycle and remains stuck with one setback in November 2021, worth just below $5,000. A coin that cannot even surpass previous bull market highs in a new bull season is technically in decline, and ETH seems to be a textbook example of this case. BTC’s 2021 high was $69, and it is already sitting confidently around $110k, so there is a clear contrast in performance.
However, there is still time for ETH to turn things around, and analysts are predicting a last hurrah for the digital currency in the coming months. It needs to make a clear move, first above $3k and then onwards towards $5k, or it could be bad news for it.Â
The digital asset has been one of the cornerstones of the crypto market for the better part of 8 years, but if it fails to perform in the ensuing months, there is a real possibility that it will start to fade away. Other programmable networks, such as Solana, Sui, Tron, and Chainlink, could be gearing up to take their place.
