Ethereum Finally Set For A New All-Time High? Here’s What Analysts Say
Ethereum (ETH) continues to hover near the key $4,000 resistance level, a price point that many believe could determine the cryptocurrency’s next big move. However, the strong weekly close sparked optimism among analysts, suggesting that ETH may soon reach a new all-time high (ATH).
Ethereum heading towards new ATH? Expert participation
While cryptocurrencies such as Bitcoin (BTC), Solana (SOL), and XRP have experienced explosive growth this year, ETH’s price momentum has been relatively weak. According to data from CoinGecko, Ethereum is up 62% over the past year, a decline compared to other trending digital assets.
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However, ETH’s performance relative to other cryptocurrencies has not stopped ETH bulls from targeting the cryptocurrency’s new ATH. For example, veteran cryptocurrency analyst Pentoshi recently explained on X the importance of “structural changes” in ETH and its ongoing surge. inflow Attracted to spot ETH exchange-traded funds (ETFs).
Pentoshi noted that Ethereum not only set higher highs on the weekly chart, but also posted its highest weekly close this year. The analyst added that given that ATH currently trades at just under $4,000, ATH doesn’t have much resistance and “should act like a magnet” for further gains.
Another crypto analyst, @CryptoPoseidonn Highlight ETH is about to break out of its “4-year, 1,460-day uptrend range.” In the chart, the analyst plots different Fibonacci extension levels to determine potential price targets for ETH.
According to the chart, ETH can rise to $6,000 at the 1.272 extension level, $7,400 at the 1.618 extension level, and $11,400 at the 2.618 extension level. The analyst added that ETH could “go much higher, well beyond your worst nightmares.”
In an even shorter time frame, another well-known analyst, Satoshi Flipper emphasize ETH is attempting to break out of the ascending channel on the 4-hour chart. He said that the current price is sitting on the diagonal channel support, which may be a “good entry point,” predicting that the next impulsive move could push ETH to $4,400.
ETH Bulls Cautiously Optimistic
Despite high expectations for the new ETH ATH, some experts believe the digital asset may still have some hurdles before it hits a new ATH price. For example, an ETH breakout above the $4,000 level could lead to Increase There is a risk of profit taking, which could lead to a short-term correction.
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However, Ethereum’s fundamentals remain strong, reinforcing its bullish outlook. For example, Ethereum Event address and large transaction Showing an upward trend, reflecting increased on-chain activity during the recent rally.
In addition, some analysts believe ETH may follow a trajectory similar to Bitcoin’s 2021 bull run, potentially reaching $10,000. As of press time, ETH was trading at $3,847, down 3.9% in the past 24 hours.
Featured images from Unsplash, charts from X and Tradingview.com
