Ethereum Approaches $4,000 Resistance Amid Optimism for New ATH
Ethereum (ETH) remains near the $4,000 resistance level, a key point that could influence its next major price movement. Analysts express optimism following a strong weekly close, indicating potential for reaching a new all-time high (ATH).
Ethereum Heading To New ATH? Experts Weigh In
Despite explosive growth in cryptocurrencies like Bitcoin (BTC), Solana (SOL), and XRP, ETH's price momentum has been more subdued, with a 62% gain over the past year, underperforming compared to other assets.
However, ETH bulls are optimistic about new ATHs. Analyst Pentoshi highlighted Ethereum's “structural changes” and significant inflows from spot ETH exchange-traded funds (ETFs). He noted ETH achieved a higher high and its highest weekly close of the year, suggesting limited resistance to ATH, which should attract further gains.
Another analyst, @CryptoPoseidonn, indicated that ETH is poised to break out of a long-term range. His chart outlines potential price targets: $6,000 at the 1.272 extension level, $7,400 at the 1.618 level, and $11,400 at the 2.618 level.
Satoshi Flipper emphasized ETH's attempt to break through an ascending channel on the 4-hour chart. He suggested that current support may offer a good entry point, predicting a potential rise to $4,400.
ETH Bulls Cautiously Optimistic
Despite anticipation for a new ATH, some experts caution about potential hurdles. Crossing the $4,000 mark may trigger profit-taking, leading to short-term corrections.
Nonetheless, Ethereum's fundamentals remain strong. Active addresses and large transactions have increased, indicating rising on-chain activity. Some analysts predict ETH could follow a trajectory similar to Bitcoin's 2021 bull run, potentially reaching $10,000. ETH currently trades at $3,847, down 3.9% in the last 24 hours.
