Ethereum Mirrors Bitcoin’s Post-ATH Surge as Bears Eye 20% Plunge

Ethereum's repeating Bitcoin's playbook—just as the big money starts sharpening its claws.

The Pattern Holds

After notching its own all-time high, ETH is tracing Bitcoin's historic retreat—almost tick for tick. Market analysts spot the same profit-taking signals, the same leveraged long unwinds. And now, the same fear.

Bearish Bets Mount

Short positions are stacking up faster than empty promises at a central bank meeting. Futures data shows growing conviction that a 20% correction isn’t just possible—it’s probable. The crowd’s turning skeptical, questioning whether this is a healthy pullback or the start of something nastier.

Volatility Amplifies

Liquidations rock the market on both sides. One minute, euphoria; the next, panic. Traders are getting whiplash from the swings, while institutional players quietly accumulate at key levels. Classic.

Ethereum’s proving it can dance with Bitcoin—even when the music stops.

Ethereum Heading To $3,900 Before Major Surge – Here’s Why

In an X post on September 6, Pillows reports that Ethereum appears to be replicating some part of Bitcoin’s price movement from the last market cycle. Notably, the premier cryptocurrency had experienced a 20% correction after reaching the previous ATH of $20,000 from the 2017 bull run. Thereafter, Bitcoin embarked on a bullish price run to establish a new ATH around $69,000.

Similar to these conditions, the chart below shows that Ethereum has recently broken out of a forming symmetrical triangle, touching its previous ATH of $4,860 from 2021. Since then, the altcoin has slipped into a corrective phase, with present market levels now within the $4,200 region, leading to Pillows’ suggestions of a duplicated price movement.

However, if Ethereum is indeed mirroring Bitcoin’s price performance from 2021, ETH bulls should expect a further price decline to around $3,800-$3,900 to complete the 20% price correction. While such a price loss WOULD represent an additional 9.68% from present market prices, it could also complete the perfect bullish set-up for a parabolic rally.

Going by BTC’s price history, Ethereum could likely experience a 4.5x price surge with potential price targets around $22,000. Notably, this projection exceeds the $10,000 ceiling that many analysts currently anticipate. However, a potential decline below the predicted $3,800-$3,900 could invalidate such bullish forecasts, presenting new downside targets around $3,400-$3,600.

Ethereum Market Outlook

At the time of writing, Ethereum is trading at $4,263, reflecting a 1.35% decline in the past day and a 1.53% loss over the past week. However, on the broader timeline, ETH remains in positive territory, posting a 10.53% gain over the past month as bulls maintain longer-term momentum.

According to on-chain data from analytics firm Sentora, the altcoin is showing signs of heating activity. In particular, Ethereum’s total network fees for the week increased to $11.93 million, up 19.4% compared to the previous week, signaling heightened transaction activity and demand for block space.

Meanwhile, exchange netflows stood at -$2.09 billion, pointing to substantial outflows from centralized exchanges as investors opted to MOVE their assets to personal wallets.  With a market cap of $516.03 billion, Ethereum continues to rank as the 2nd largest cryptocurrency and 22nd largest asset in the world.