[Digital Today reporter Yoonseo Lee] Ethereum (ETH) has shown strength against bitcoin (BTC), prompting suggestions it could rise fourfold within the next six months.

On Jan. 28, blockchain media outlet The Crypto Basic cited cryptocurrency analyst Leshka.eth as saying ethereum is showing a pattern similar to the past. He analysed that the price structure forming against bitcoin resembles that of about eight years ago. If the structure is completed, a meaningful turning point could emerge in the ETH/BTC trend, he said.

According to the analysis, the ETH/BTC pair has repeated four stages: sideways movement, accumulation, retest and an uptrend. Ethereum is currently in the retest stage, which he described as the final step before a full-scale uptrend begins. The same pattern appeared in 2015, when ethereum surged from $56 to $1,151.

Leshka.eth also pointed to the fact that this flow has continued since 2018. He said that after ETH/BTC hit a peak of 0.156 in June 2017 and then fell, a consolidation period followed. He added that a breakout emerged in early 2021 and the pair rose to 0.088 in December 2021.

Based on past cases, he said an expansion phase at an unprecedented level could unfold after the current stage. He also offered the view that ethereum could post a 3 to 4 times rally over the next six months. "I can't believe it myself, but the pattern screams about it," he said, in effect.

But this rally differs from the past. The accumulation stage has lasted longer than before, and institutional investors are buying ethereum in large amounts, leading to a supply shortage on centralised exchanges. That could act as a factor increasing ethereum's upside potential.

Another difference cited was that as institutional funds flow into the market in earnest, ethereum worth billions of dollars is being staked. It was also explained that a shortage of ethereum on centralised exchanges could support the bullish thesis.

Even if all conditions align, a rise is not guaranteed. The analyst said, "Ethereum is likely to show strength against bitcoin, but a scenario in which bitcoin moves sideways or rises slightly, rather than undergoing a correction, is more likely."

He also said he generally holds a bearish view on ethereum overall, but there is room for ETH/BTC to rebound sharply if certain conditions align. He said this was not a forecast premised on a sharp fall in bitcoin. He explained it as an interpretation that ethereum could show relative strength while bitcoin is flat or rises moderately.

The ETH/BTC pair has shown signs of a rebound this week, but some say additional strength is needed for it to turn into a long-term uptrend.

$ETH WILL 3X-4X IN THE NEXT 6 MONTHS I can't believe it myself, but the pattern screams about it 8 years ago, this same chart structure = Ethereum went from $56 to $1,151 This time it's little different: • Accumulation lasts longer • Institutions stacking billions • Massive… pic.twitter.com/YbC1DSAiPV