Ethereum (ETH) continues to hover near the critical resistance level of $4,000, with many believing that this price point could determine the next major move for the cryptocurrency. However, strong weekly closing prices have sparked optimism among analysts, suggesting that ETH may soon reach a new all-time high (ATH).
Is Ethereum about to reach a new ATH? Experts weigh in
While cryptocurrencies like Bitcoin (BTC), Solana (SOL), and XRP have experienced explosive growth this year, ETH's price momentum has been relatively subdued. According to CoinGecko data, Ethereum has recorded a 62% increase over the past year, which is underwhelming compared to other popular digital assets.
However, ETH's performance relative to other cryptocurrencies has not deterred ETH bulls from aiming for a new ATH for the cryptocurrency. For instance, experienced cryptocurrency analyst Pentoshi recently explained the importance of ETH's 'structural change' on X, as well as the ongoing large influx of funds attracted by spot ETH exchange-traded funds (ETFs).
Pentoshi pointed out that Ethereum has not only created higher highs on the weekly chart but also reached the highest weekly close of the year. The analyst added that given its current price slightly below $4,000, there is little resistance to the ATH, which 'should rise further like a magnet.'
Another cryptocurrency analyst, @CryptoPoseidonn, emphasized that ETH will break out of its '4 year, 1,460 day upward range.' In the chart, the analyst marked different Fibonacci extension levels to determine potential price targets for ETH.
According to the charts, ETH can rise to $1.272 at the 6,000 extension level, to $1.618 at the 7,400 extension level, and to $2.618 at the 11,400 extension level. The analyst added that ETH could 'go higher, far beyond your worst nightmares.'
In a shorter timeframe, another well-known analyst, Satoshi Flipper, emphasized that ETH is attempting to break out of the ascending channel in the 4-hour chart. He stated that the current price at the diagonal channel support level could be a 'good entry point,' predicting that the next impulsive move could drive ETH to $4,400.
ETH bulls are cautiously optimistic
Despite high hopes for a new ETH ATH, some experts believe there may still be obstacles before digital assets reach a new ATH price. For example, a breakthrough of the $4,000 level by ETH could increase the risk of profit-taking, leading to a short-term pullback.
However, Ethereum's fundamentals remain strong, enhancing its bullish outlook. For example, the number of active ETH addresses and large transactions is on the rise, reflecting increased on-chain activity during the recent rebound.
Moreover, some analysts believe that ETH may follow a trajectory similar to Bitcoin's bull market in 2021, potentially reaching $10,000. As of the time of writing, ETH was trading at $3,847, down 3.9% in the past 24 hours.
