Ethereum is portraying its position as a leader in the cryptocurrency market after its recent rise to the $4,000 mark, a level not seen in about three years. As ETH defying resistance points, this remarkable rally towards the fundamental level has generated great confidence about its future performance.
Can Ethereum reach its current peak?
Ethereum’s recent price action shows that the crypto asset could be on the verge of reclaiming its all-time high, reached during the notable bull cycle of 2021. With ETH once again reaching the $4,000 mark, Daan Crypto Trades, a trader and market expert , holds that the altcoin is just one step away from a significant breakthrough.
Although Ethereum’s rally to its current all-time high is taking longer than expected, the expert is confident that ETH will reach that level in the short term, possibly in 2025. ETH/BTC pair is regaining some ground, which has increased the overall altcoin strength in the market.
Furthermore, Daan Crypto Trades notes that Ethereum could be in a position to surpass its previous peak if it continues to break through important resistance levels, allowing the altcoin to move into a new stage of price discovery. “Price discovery for ETH generally creates a very interesting market as a whole,” he said.
With strong on-chain metrics and a resurgence of interest in the broader cryptocurrency landscape generating optimism, ETH could see a wave of new investors, creating potential bullish movement in the coming weeks.
ETH’s path to a new all-time high is also highlighted by Titan of Crypto, a technical analyst and investors in a recent analysis. This prediction is based on a rising positive trend cited in the Ethereum Rainbow chart, a technical tool that helps traders visualize the long-term price trend of a crypto asset.
On the Rainbow chart, ETH is currently positioned in the yellow zone, which is between the $3,070 and $4,429 price levels. However, should the alternative currency moving to the orange zone of the Rainbow chart in a conservative scenario, Titan of Crypto believes that ETH could peak between $6,400 and $9,000.
Furthermore, the expert highlighted that the bullish growth may extend, pushing Ethereum into the red beyond the $9,300 threshold, demonstrating his confidence in ETH’s long-term prospects.
ETH price turns bearish
Ethereum has shown notable resilience in the current bull market. However, after a week of bullish movement, the crypto asset has been affected as its price has turned bearish, approaching $3,800 once again.
This sudden drop is due to strong resistance at the $4,000 threshold, a level that is believed to serve as a precursor to further price growth. Despite the drop, investor confidence in ETH remains strong, reflected by a more than 33% increase in trading volume in the past day.
Featured image from Unsplash, chart from Tradingview.com
