Ethereum is showcasing its leading position in the crypto market after its recent rise to the $4,000 mark, a level not seen in around three years. As ETH challenging resistance points, this notable rally towards the pivot level has generated strong confidence in 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 regaining its all-time high, reached during the remarkable 2021 bull cycle. As ETH hits the $4,000 mark once again, Daan Crypto Trades, Market Expert and Trader, dispute that the altcoin is just one step away from a significant breakthrough.
Even if Ethereum’s rally to its current all-time high takes longer than expected, the expert is confident that ETH will reach this level in the near term, perhaps in 2025. However, the ETH/BTC pair is regaining ground, which has increased the overall strength of the altcoin in the market.
Furthermore, Daan Crypto Trades points out that Ethereum may be able to surpass its previous high if it continues to break through important resistance levels, allowing the altcoin to move into a new stage of price discovery. “ETH price discovery is generally a very exciting market overall,” he said.
With robust on-chain metrics and renewed interest in the broader cryptocurrency landscape sparking optimism, ETH could see a wave of new investors, sparking potential upward movement in the coming weeks.
ETH’s path to a new high is also highlighted by Titan of Crypto, a technical analyst and investors in a recent analysis. This prediction is based on a growing positive trend cited on the Ethereum Rainbow chart, a technical tool that helps traders visualize the long-term price trend of a crypto 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, if the altcoin If one enters the orange zone of the rainbow chart in a conservative scenario, Titan of Crypto estimates that ETH could peak between $6,400 and $9,000.
Furthermore, the expert highlighted that the upward growth could extend, pushing Ethereum into the red beyond the $9,300 threshold, demonstrating confidence in ETH’s long-term prospects.
ETH price turns bearish
Ethereum has shown notable resilience in the ongoing bull market. Nonetheless, after a week of upward movement, the crypto asset was hit hard as its price turned bearish, heading towards $3,800 once again.
This sudden decline is due to strong resistance at the $4,000 threshold, a level that could serve as a precursor to further price rises. Despite this decline, investor confidence in ETH remains strong, as evidenced by an increase of over 33% in trading volume over the past day.
Featured image from Unsplash, chart from Tradingview.com
