Ethereum Approaches Key Resistance Level Near All-Time High

Ethereum (ETH) is nearing its 2021 all-time high (ATH) of $4,848, currently trading at $4,748. The price has surged nearly 30% this week and recovered 40% from an earlier pullback.

Key Developments

ETH broke out of a multi-year resistance and reclaimed the $4,000 barrier last Friday.
Current price range is between $4,600-$4,750, with attempts to break through the $4,800 resistance.
Analyst Rekt Capital noted that how ETH reacts to the $4,631 resistance will be critical for future performance.
A weekly close above this resistance could indicate potential new highs; however, historical trends suggest possible rejection.
A failure to hold above $4,630 may lead to an 18% drop towards the $3,762 support level.
The CME gap created this week lies between $4,091-$4,261, hinting at possible volatility.
If the $4,800 level becomes support, forecasts suggest potential further rallies to $5,200 and $6,400.

ETH's monthly increase stands at 56%, reflecting strong upward momentum in recent trading sessions.