Ether vs. Bitcoin: ETH Price Breaks 5-Month Downtrend with Potential 170% Gains

Summary: Ether (ETH) is showing signs of significant recovery, with potential gains of 170% in just under two months, as it breaks a five-month downtrend against Bitcoin (BTC). This resurgence is reminiscent of previous bull markets and may signal a bullish trend for both cryptocurrencies.

Key Takeaways:

Ether may reach long-term highs above 0.09 BTC.
The next price target for Ether is $3,700, following historical trends.
Bitcoin could hit $100,000 as early as next week, according to analyses.

Ether vs. Bitcoin teases 170% gains as ETH price breaks 5-month downtrend

Analysis of the Current Ethereal Bull Run

Recently shared insights on social media by trader Mags highlight the similar price movements of Ether from the 2021 bull market. Ether has gradually declined in value against Bitcoin over the years; however, recent trends are looking positively bullish.

As noted by Mags, the ETH/BTC trading pair reached its lowest point in April, matching the crucial lows that preceded the last bull run. A subsequent upward reversal led to an initial peak in February 2021, followed by a retest of support—a pattern that is currently repeating itself.

“What happens next could be very encouraging for long-term ETH holders,” Mags remarked.

Currently, Ether is at the same support level where it previously surged by 170% within seven weeks, displaying seven consecutive weeks of positive growth, followed by a gradual distribution phase.

ETH/BTC chart. Source: Mags/X

If Ether experiences a 170% increase from its current price, it would place one ETH at approximately 0.092 BTC, equating to $8,500.

Increased Interest in Ether's Performance

This week, Ethereum's performance against Bitcoin has also captured the attention of other crypto enthusiasts. Digital asset lawyer Joe Carlasare pointed out that ETH/BTC has recently broken free from a downtrend that persisted for nearly half a year.

“I would love to see $ETH maintain this previous resistance level as support,” remarked Michaël van de Poppe, a crypto trader and analyst, in a post to his followers.

ETH/USDT 12-hour chart. Source: Michaël van de Poppe/X

Bitcoin's Price Target: The $100,000 Mark

As reported by Cointelegraph, discussions regarding a potential long-term bottom for Bitcoin's price stem from encouraging indicators.

Several market signals are mirroring patterns observed during the depths of the 2022 bear market for BTC/USD. However, significant doubts linger about Bitcoin's strength at current price levels, with the 2025 yearly open still far from being re-established as support at $93,500.

Michaël van de Poppe expressed optimism, stating, “I believe we have moved past this entire correction and are establishing a bottom before embarking on another upward journey towards the all-time high.”

BTC/USDT six-hour chart. Source: Michaël van de Poppe/X