Why didn’t Ethereum price reach $4,000 while Bitcoin managed to reach a high close to its ATH? This is the main question that has gained a lot of attention in the cryptocurrency space as the ETH price continues to rise at a slow pace. Although the rally is still bullish, volatility seems to have dropped significantly, so the price is not getting the boost it needs.
Now the question is: when will ETH price initiate a strong rally and form a new ATH above $5,000?
The weekly chart of ETH against BTC shows a lot of accumulation, which has intensified over the past six months. The price has been trading below lower support levels since the beginning of the fourth quarter of 2023, while the second-largest coin has gained strength against the US dollar. Now, Bitcoin dominance is surging, and the cryptocurrency is showing great strength against Ethereum, which is hindering the progress of the rebound.
However, the RSI is incremental, which suggests that the pair could see a healthy consolidation for a while before a bullish breakout. ETH price is just 25% below its ATH, which suggests that a bullish rally could soon lift prices higher after ETH/BTC breaks out of a multi-year decisive symmetrical triangle.
This may happen after a brief correction after the Bitcoin halving event, Ethereum (ETH) price and all other altcoins are expected to flourish. Therefore, an anonymous analyst Wolf believes that the top of the ETH bull run may be between $10,000 and $15,000.
