Ethereum or a copy of Bitcoin's epic big pump in 2021? Target $58,500! | ETH price prediction

Crypto analyst Ted Pillows' latest Technical Analysis points out that Ethereum ( ETH )'s current price movement is astonishingly replicating Bitcoin ( BTC )'s breakout pattern from late 2020 to 2021. ETH is currently consolidating below a long-term downtrend line and approaching a key resistance level. If it successfully breaks through, based on historical fractal patterns, it could trigger a parabolic rise, with a mid-term target as high as $29,500 (potential rise of 672%), and a theoretical peak could reach $58,500 (rise of 1432%). Although the market is generally optimistic about ETH challenging the previous high of $5,000, Pillows sees it as the minimum target. This article deeply analyzes the historical mirroring logic of ETH/BTC, key resistance levels, and the upward path after the breakout.

Historical Fractal Discovered: ETH Perfectly Replicates BTC's 2020 Breakout Pattern Ethereum's price may be laying the groundwork for a historic breakout. The latest technical analysis shows that ETH's price movement closely mirrors Bitcoin's (BTC) trajectory from 2020 to 2021. Currently, Ethereum is consolidating below a long-term downtrend line and approaching a key resistance level. A crypto assets analyst pointed out that if historical patterns continue, ETH could embark on a journey to challenge $20,000.

(Source: NewsBTC)

A new analysis by cryptocurrency market expert Ted Pillows indicates that Ethereum's current price structure is beginning to show an astonishing similarity to Bitcoin's breakout phase at the end of 2020. The chart shows that ETH is following a nearly identical pattern of accumulation, re-accumulation, and compression within a descending triangle - which is exactly the pattern that Bitcoin exhibited before the parabolic bull market began in 2021.

Breakthrough imminent: Target starting at $29,500, theoretical peak at $58,500 At that time, Bitcoin surged from about $9,550 to nearly $64,000, an increase of up to 570.37%. Pillows' analysis shows that, just like BTC's performance after the COVID-19 market fluctuations, ETH has now emerged from a long consolidation phase and is currently testing the descending trend resistance line that has capped its highs since the peak in 2021.

Analyst charts indicate that if Ethereum successfully breaks through its diagonal resistance level, it could technically trigger a vertical pump, targeting $29,500. This would mean an increase of approximately 672% from ETH's current price of around $3,820.

It is worth noting that the path to this bold goal mirrors the rapid exponential rise triggered by Bitcoin after breaking through its long-term downtrend. The chart also identifies a potential breakout area, the timing of which coincides with the previous cycle's price expansion phase—suggesting that Ethereum may be preparing to launch its strongest price rise ever.

Although the arrows on the Pillows chart point to a price movement that could hit $29,500, the top of the green shaded area in the chart suggests that the theoretical peak for Ether could exceed $58,500. Such a bold rise would mark a historic breakthrough, with an increase of approximately 1,432%, bringing the ETH price close to half of the current Bitcoin price ($118,940).

$5,000 is just the starting point: Analysts set the minimum target for ETH Given the recent bullish trend of Ethereum, some analysts in the crypto community have predicted that it may hit the $5,000 mark—this would set a new all-time high for this altcoin leader. However, while many consider a rise to $5,000 an important milestone, Pillows sees this target merely as a baseline.

He set $5,000 as the minimum target in his outlook, emphasizing his strong belief in the bullish potential of ETH. On the chart, Ethereum's recent consolidation is marked as the "re-accumulation zone," laying the foundation for a significant rise in the future. With a breakthrough of the long-term resistance level imminent, Pillows' analysis suggests that Ethereum may enter a prolonged bull market phase with limited resistance above.

Conclusion: Ted Pillows' analysis based on historical fractals has painted a striking blueprint for Ethereum, with target prices of $29,500 and even $58,500 potentially rewriting the landscape of the altcoin market. At the moment when ETH is approaching a critical downward trend line, it has become the focus of long and short battles. If it successfully replicates Bitcoin's breakout pattern from 2020, it could trigger a new round of "altcoin season". However, history does not simply repeat itself; macroeconomic conditions, regulatory dynamics, and network upgrades (such as the upcoming EIP upgrades) will all affect its actual price movement. Investors should pay close attention to technical breakout signals while closely tracking market volume changes and fundamental support factors, cautiously seizing potential historic opportunities.