Ethereum is projecting its position as a leader in the cryptocurrency market after its recent bullish surge to the $4,000 mark, a level not seen in about three years. like Ethereum It is challenging resistance points, but this notable rise towards the pivot level has sparked strong confidence about its future performance.
Can Ethereum reach its current peak?
Ethereum’s recent price action shows that the cryptocurrency asset could be on the verge of reclaiming its all-time high, which was achieved during the amazing bull cycle of 2021. With ETH reaching the $4,000 level once again, Daan Crypto Trades, market expert and trader said , Confirms The altcoin is just one step away from achieving a major breakthrough.
Although Ethereum’s rise to its all-time high is taking longer than expected, the expert is confident that Ethereum will reach this level in the near term, perhaps in 2025. Ethereum/Bitcoin pair It regains some ground, increasing the overall strength of altcoins in the market.
Furthermore, Daan Crypto Trades notes that Ethereum may be in a position to surpass its previous peak if it continues to surpass important resistance levels, allowing the altcoin to move into a new phase of price discovery. “The overall ETH price discovery makes the market very exciting as a whole,” he said.
With strong on-chain metrics and renewed interest in the broader cryptocurrency scene sparking optimism, ETH could see a wave of new investors, leading to a potential rise. upward movement In the coming weeks.
ETH’s path to an all-time new high is too Highlight By Titan of Crypto, technical analyst and investors in recent analysis. This prediction is based on the increasing positive trend mentioned on the Ethereum Rainbow chart, which is a technical tool that helps traders visualize the long-term price trend of a cryptocurrency asset.
In the rainbow chart, ETH is currently positioned in the yellow zone, which is between the $3,070 and $4,429 price levels. However, it should Alternative currency Moving into the orange area of the rainbow chart in a conservative scenario, the Titan of Crypto believes that ETH could peak between $6,400 and $9,000.
In addition, the expert highlighted that the bullish growth may extend, pushing Ethereum into the red zone beyond the $9,300 threshold, demonstrating his confidence in Ethereum’s long-term prospects.
ETH price turns bearish
Ethereum Showed remarkable resilience in the ongoing bull market. However, after a week of upward movement, the crypto asset took a hit as its price turned lower, heading towards $3,800 again.
This sudden decline is due to strong resistance at the $4,000 threshold, a level that is believed to be a precursor to further price growth. Despite the decline, investor confidence in ETH remains strong, which is reflected in the trading volume increasing by more than 33% in the past day.
Featured image from Unsplash, chart from Tradingview.com
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