Crypto analyst The Cryptagon suggests that Ethereum may be mirroring Bitcoin's 2018-2021 cycle, indicating a bullish outlook for ETH.
Despite facing record selling and downward pressure, Ethereum could reach new highs as it closely follows the price action of Bitcoin's 2021 cycle.
Ethereum's underperformance compared to other major altcoins, such as XRP and Solana, is attributed to the significant selling pressure.
The most important support level for Ethereum at the moment is at $1,887, with a drop below this level potentially leading to a massive crash and a possible 70% price drop to $800.