Emily Walker
Ethereum has made a significant mark in the cryptocurrency arena by recently hitting the $4,000 milestone, a figure it hadn’t reached in three years. This impressive surge has fueled optimism about its future as ETH challenges various resistance levels.
Is Ethereum Set to Break Its Previous Record?
The latest movements in Ethereum’s price suggest that the cryptocurrency may be close to returning to its peak, reached during the bull market of 2021. As ETH climbs back to the $4,000 level, market analyst Daan Crypto Trades argues that the altcoin is near a key breakthrough.
Even though the journey back to Ethereum’s all-time high is taking longer than expected, the analyst believes that ETH could reach this milestone soon, potentially by 2025. Additionally, the ETH/BTC trading pair has regained some strength, contributing positively to the altcoin’s position in the market.
Daan Crypto Trades also notes that if Ethereum can break through significant resistance barriers, it may surpass its previous highs, entering a new phase of price exploration. He mentioned, “Price discovery for ETH generally makes for a very exciting market as a whole.”
With strong on-chain indicators and a renewed interest in the crypto market, there is potential for ETH to attract many new investors in the coming weeks, which could further boost its price.
The path to a new all-time high for ETH is also emphasized by Titan of Crypto, a technical analyst who recently shared insights based on the Ethereum Rainbow chart—a tool that helps traders understand long-term price movements. Currently, ETH is in the yellow zone of this chart, ranging between $3,070 and $4,429. If ETH ascends to the orange zone, it could potentially reach values between $6,400 and $9,000.
Furthermore, he expressed that growth could continue, potentially pushing Ethereum above the $9,300 mark, showcasing a strong belief in ETH’s long-term future.
Recent Price Decline for ETH
Despite its impressive performance in the current bullish market, Ethereum has recently faced challenges, with its price retreating toward the $3,800 mark after an upward stretch.
This downturn is attributed to a formidable resistance at the $4,000 level, which is seen as a benchmark for future growth. However, investor sentiment remains positive, as indicated by a substantial increase in trading volume exceeding 33% in just one day.