ETH is expected to achieve a 170% increase in less than two months, with historical patterns repeating for BTC.
Key Points:
ETH has the potential to re-touch long-term highs above 0.09 in Bitcoin terms.
The largest altcoin continues its historical bullish trend, with $3,700 becoming the next target price.
Analysts predict that BTC itself may reach $100,000 as early as next week.
Trader Mags shared the latest analysis on the X platform on Friday, indicating that ETH's price movement is completely consistent with the performance during the 2021 bull market.
The ETH/BTC ratio has experienced a downward trend for several years, but the movements over the past few months have clearly turned into bullish signals.
Mags noted that ETH/BTC bottomed out in April, precisely hitting the same low point as the previous bull market's base.
The subsequent upward reversal created the initial peak in February 2021, followed by a retest of support—this pattern is now repeating. What may happen next is likely to delight long-term ETH holders.
"Right now, it is at exactly the same support level as before, from which it rose 170% in just 7 weeks, producing seven consecutive green weekly candles, before entering a slow distribution phase," Mags commented.
A 170% increase from the current level would bring 1 ETH to about 0.092 BTC, or $8,500.
This week, ETH's performance against BTC has also caught the attention of other members of the crypto community. Digital asset lawyer Joe Carlasare observed that ETH/BTC broke out of a downtrend that lasted nearly half a year.
ETHBTC breaking out of a three month downtrend pic.twitter.com/OVkTxPdt6A
"I would love to see $ETH turn this previous resistance area into support," cryptocurrency trader, analyst, and entrepreneur Michaël van de Poppe told his followers on the X platform on Wednesday.
As Cointelegraph reported, discussions about BTC's long-term bottom continue to be supported by promising price indicator data.
Several key metrics have begun to show signals similar to those during the BTC/USD bottom of the 2022 bear market.
Nevertheless, significant concerns remain in the market regarding the strength of BTC's current price level, even as the annual opening price of $93,500 for 2025 has yet to be re-established as a support level.
Van de Poppe pointed out that day: "I still believe we have completed the entire adjustment phase and are forming a bottom, after which we will re-enter an upward trend until new historical highs."
Related: Bitcoin Cash surges nearly 40%, becoming the best-performing L1 blockchain of the year
Original: “Ethereum (ETH) vs Bitcoin (BTC) Shows Potential 170% Gains, ETH Price Breaks 5-Month Downtrend”
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