Ethereum Finally Set For A New All-Time High? Here’s What Analysts Say

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As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find myself intrigued by the latest analysis surrounding Ethereum (ETH). Having witnessed Bitcoin‘s meteoric rise and subsequent corrections, I can’t help but feel a sense of cautious optimism regarding ETH’s potential to reach new all-time highs.

Currently, Ethereum (ETH) is lingering near the important $4,000 barrier, a price level that some predict will influence its significant upcoming action. Nevertheless, an assertive weekly closing has ignited hope among analysts, indicating that Ethereum might be heading towards setting a new record high (ATH) shortly.

Ethereum Heading To New ATH? Experts Weigh In

Compared to cryptocurrencies such as Bitcoin (BTC), Solana (SOL), and XRP that have seen extraordinary growth this year, Ethereum’s (ETH) price progression has been somewhat less dynamic. As per CoinGecko, Ethereum has managed a 62% increase over the past year, but this is relatively lower than other popular digital currencies currently trending.

Despite ETH’s relative performance compared to other cryptocurrencies not reaching new highs, enthusiasts who believe in its potential, or “ETH bulls,” are still aiming for record high prices. For example, experienced crypto analyst Pentoshi recently discussed on Twitter the importance of ETH’s internal changes and the continuous influx of money into spot ETH exchange-traded funds (ETFs).

Pentoshi observed that Ethereum reached a new peak on its weekly chart and also recorded its highest weekly closing price for the year. The analyst mentioned that with its current cost slightly below $4,000, there’s not much resistance to hitting an all-time high (ATH), which “will likely attract” further increases.

According to crypto expert @CryptoPoseidonn, Ethereum (ETH) appears poised to surge beyond its 4-year, 1,460-day price range ceiling. In a graphical representation, the analyst has pinpointed various Fibonacci extension levels as possible future price milestones for ETH.

Based on the chart analysis, Ethereum (ETH) could potentially reach $6,000 at a 1.272 extension, $7,400 at a 1.618 extension, and an astounding $11,400 at a 2.618 extension level. The analyst further predicted that ETH could surge significantly higher than current projections, potentially even beyond expectations that might seem frightening in comparison to current prices.

Within a shorter time period, Satoshi Flipper, a renowned analyst, highlighted that ETH is attempting to surge beyond an ascending channel on its 4-hour chart. He posited that the current price level, positioned at diagonal channel support, could potentially offer an appealing entry point. He further forecasted that the next strong push could propel ETH towards $4,400.

ETH Bulls Cautiously Optimistic

Despite widespread excitement about Ethereum (ETH) reaching a new all-time high (ATH), some analysts believe there could be a few obstacles on the path before this digital asset sets a new ATH price. For example, ETH surpassing $4,000 might prompt more investors to cash in their profits, which could cause a temporary dip or correction in the market.

Nevertheless, Ethereum’s underlying strength persists, indicating a positive market forecast. For example, there’s been a rise in active ETH addresses and high-value transactions, suggesting heightened network activity during the latest price surge.

Furthermore, certain market experts propose that Ethereum might mimic Bitcoin’s 2021 bullish trend, potentially soaring to $10,000. Currently, Ethereum is valued at $3,847, experiencing a drop of 3.9% over the past day.

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2024-12-10 05:47