Pseudonymous trader CrediBULL Crypto is calling for Ethereum (ETH) to reach $20,000 or higher, repeating a target he first laid out three weeks ago when the token was trading near $1,500.

According to him, Ethereum is finishing a multi-year base against Bitcoin (BTC) and is about to enter its first bull run since 2017.

The Charts Behind the $20K Call

Responding to a claim by alphatracker that ETH would go to $10K+, CrediBULL simply posted “$20K+,” and shared a link to a video where, instead of presenting the target as speculation, he built his case around long-term chart structures on both the ETH/USD and ETH/BTC pairs.

“I’ve always said $10K is the absolute minimum. I think $20K is realistic..,” the analyst said in the video. “I’m not going to say it’s a given… but $20K is super, super reasonable.”

He noted that Ethereum has spent years underperforming Bitcoin, leaving market sentiment at levels similar to previous cycle lows. But he argued that the ETH/BTC chart has finally reached what he considers to be a long-term accumulation zone after about four years of decline, and from there, he expects the world’s second-largest cryptocurrency to build a base before beginning what he described as the next impulsive move higher.

His next thesis tracked the ETH/USD chart itself, with the trader saying that Ethereum has completed the first leg of a larger five-wave structure and is now holding above an invalidation level near $1,385.

According to him, if that support stays intact, then the next advance could push ETH to around $10,000 before a later wave carries it above $20,000. He also argued that historical ETH/BTC ratios point to similar price levels if Bitcoin returns to its previous highs or continues into another expansion phase.

Furthermore, Credibull drew a comparison to April last year, when Ethereum sat near the same price it’s at right now and was widely written off as finished, only to break its all-time high a few months later. He said that the setup looks similar today, with the price holding above its last low rather than breaking it, something he treats as a sign that the broader uptrend is still intact.

Similar sentiments were shared by trader Saiyan, who set a base case of $10,000 for the cycle, prompting a pushback from Cheds Trading, who simply wrote, “That’s not happening.” But another market watcher, Sykodelik, sided with the bulls, arguing that a move above $10,000 should not be treated as unrealistic, given that it was just 2 times the Ethereum all-time high.

Where ETH Stands Now

ETH was trading above $1,900 at the time of writing, having gained nearly 4% in 24 hours and about 24% over the past month, according to CoinGecko data.

The token is still 60% below its ATH, and other analysts have flagged similar bottoming signals in recent weeks. For example, NoName pointed to a pattern of four lower highs as evidence that the bear market has already found a floor, while chartist Ali Martinez noted a bullish crossover in the asset’s MVRV ratio.

Funding rates on Binance have also climbed to their highest level in six months, something analysts at CryptoQuant say shows that sentiment has started to turn even though the price is still well below where it was around the same time last year.

Source: CryptoPotato