Ethereum Could Triple to $13,000 This Cycle If History Repeats, Analysts Say

ETH could skyrocket as high as $13,000 this cycle if it follows a similar pattern to 2021, according to analysis.

The asset is currently trading at a level 92% above its long-term 200-week moving average, which is currently $2,400, according to DeFi Report founder Michael Nadeau on Wednesday.

In the last bull market cycle, ETH peaked at just above $4,870 on Nov. 10, trading 492% over its long-term moving average. Running various scenarios based on this moving technical indicator provides some interesting price predictions.

If the asset trades at just 200% above the 200-week MA, it will reach $7,300. At 400% above the long-term moving average, it will be above $12,000, which is only 170% above current levels.

Ether has already gained more than that since its dip below $1,500 in April.

Volatile Path to Five Figures

Fundstrat’s Tom Lee has predicted a super cycle leading to five-figure Ether prices, but the path to that will be extremely volatile.

Ether plummeted 94% from its 2018 peak and surrendered 80% of its value in 2022, so another sharp downturn isn’t just possible, it’s probable.

The analysis provided a “base case” where ETH trades 250% above its 200 WMA, which puts it at a cycle top of $8,500. This aligns with realized price reaching $3,000, which would put ETH at $8,700, assuming a ratio of 2.9.

If Ether gets to 35% of Bitcoin’s market cap (it is currently 23.4%) and BTC reaches $150,000 this cycle, it would put prices at $8,600, the analyst said.

Ethereum is repeating 2021, observed another popular trader on Wednesday. Back then, reclaiming the previous all-time highs “triggered a +250% explosion,” he said before adding:

Earlier this week, Grayscale launched the first Ether staking ETF in the US, and digital asset treasuries have accumulated 4.7% of the entire supply in just a few months.

ETH Price Outlook

Ether is still consolidating, trading within a range-bound channel that formed in early August.

From an intraday high above $4,500 in late trading on Wednesday, the asset has dipped back toward $4,400 in early trading in Asia on Thursday.

With sideways trading now lasting two months, the asset appears coiled and ready for a breakout, and all indicators suggest it will move into price discovery as the bull market is not over yet.

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