Analyst: ETH repeating 2021 bull pattern, could surge 170% to $8.5K

An analysis suggests that Ethereum is exhibiting a price pattern similar to its 2021 bull market, potentially setting the stage for a significant rally. According to Cointelegraph, crypto analyst Mags noted that the ETH/BTC trading pair bottomed out in April at a point identical to the previous bull cycle. The analyst added that the subsequent rebound and retest of support levels have closely followed the historical trend. Mags highlighted that ETH is now near the point that previously preceded a 170% rally over seven weeks. This historical surge involved seven consecutive weekly gains before entering a moderate sell-off phase, a pattern the analyst believes could repeat. A 170% increase from current levels would place the price of ETH at approximately $8,500.