The price of Ethereum’s native token, Ether (ETH), has struggled to gain upside momentum since the beginning of 2024. The world’s second-largest crypto by market cap even recently hit an over 42-month low against Bitcoin (BTC). However, the head of macro research at Global Macro Investor, Julien Bittel, remains optimistic about Ether.
Bittel has predicted that ETH could still rise to a staggering $20,000 in the foreseeable future if history repeats itself.
ETH On Road To New Bull Market?
Fresh analysis reveals copycat behavior from 2023 when it comes to Ethereum price recovery. According to Global Macro’s Juline Bittel, the crypto is showing patterns that mirror the conditions preceding its price rally last year and could deliver bull market-style returns in the process.
An illustrative chart uploaded to X by Bittel indicates that Ether’s price action is displaying signs of continuing accumulation, which may be the beginning of a mega pump.
“ETH is still looking a lot like a 2023 redux,” his accompanying commentary argued.
ETH is still looking a lot like a 2023 redux.
Imagine…#Ethereum pic.twitter.com/WwZ7I3ayz1
— Julien Bittel, CFA (@BittelJulien) September 25, 2024
Per the pundit’s prediction, Ether’s price will see a meteoric surge and possibly reach new all-time highs, particularly if the macroeconomic variables continue to be favorable to the broader adoption of digital assets.
Ethereum also appears headed toward a repeat of a bullish golden cross technical pattern that has presaged previous breakouts, signaling a long-term bull market ahead.
At the time of publication, Ethereum is trading at $2,636, up 2% on the day as Bitcoin (BTC) climbed above $65,000 with monetary stimulus in the U.S. and China appearing to be the catalyst for the crypto’s run higher.
Despite stumbling upon stronger-than-expected resistance at the $2,700 mark, Ether seems well-positioned to extend its bullish trend in the near term, barring any considerable external shocks to investor risk sentiment.
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