Ether Price Targets $20,000 as Traders Anticipate Potential Breakout Amid Challenges Against Bitcoin

Key Points

1. Ether's price is targeting $20,000, potentially breaking beyond its historical rising channel for the first time.

2. A trader highlighted Ether's price movement within a rising channel, noting it has only touched this pattern twice before, with the last touch marking its all-time high of $4,875 in November 2021.

3. Ether needs a 150% increase against Bitcoin to reclaim its peak BTC terms value of 0.0883, achieved a month after its USD record in late 2021.

4. Ether's price discovery may return within a fortnight if it achieves a strong weekly close above $4.1K, potentially leading to a new all-time high in 1-2 weeks.

5. The market sentiment is bullish, with institutional buying and short squeezes contributing to Ether's recent price surge.