Ethereum (ETH) is attempting to bounce from the market’s Q4 correction, retesting the $3,000 barrier once again. As we approach the end of November, some market observers have suggested that the end-of-year rally may still be possible in the coming weeks. Related Reading: XRP ETFs Outshine BTC, ETH, And SOL Funds With $164M Single-Day Inflows Ethereum Eyes $3,000 Ahead Of Key Upgrade On Wednesday, Ethereum experienced a 4.4% daily surge, retesting the $3,000 level for the first time in nearly a week. The cryptocurrency has been trading within the $2,680-$2,980 price range amid the latest market-wide correction, which also saw Bitcoin (BTC) lose some crucial support levels. At the start of the week, the King of Altcoins broke above the $2,900 area, attempting to retest the next key resistance over the past two days but ultimately failing to reclaim it. Analyst Ted Pillows highlighted this performance, noting that ETH “tapped the $2,950-$3,000 zone again and got rejected.” Per the post, until Ethereum successfully reclaims this level, “the chances of a new low are high.” On the contrary, if the cryptocurrency breaks above this zone with strong volume in the coming days, investors could “expect a rally towards the $3,400 level.” The analyst also suggested that the altcoin could see a remarkable recovery rally next week, driven by the upcoming Fusaka upgrade. As he explained, ETH soared around 50% after the network’s Pectra upgrade in May. As reported by NewsBTC, the upgrade introduced a series of improvements to increase transaction capacity, enhance efficiency, and reduce system stress. Following the implementation, the cryptocurrency rallied from the $1,800 level to the $2,700 area in a week, which was later followed by an 80% jump in Q3 to its latest all-time high (ATH) of $4,946. Now, the Fusaka upgrade is the network’s biggest update since The Merge and is expected to come on December 3, “to relieve one of the network’s most pressing bottlenecks: data availability for rollups,” VanEck explained in October. Based on this, Ted Pillows suggested that if ETH repeats its post-Pectra performance with the new upgrade, the altcoin’s price could soar above the $4,000 resistance in the next few weeks. End-Of-Year Rally Underway? Market watcher Merlijn The Trader also suggested that Ethereum could see another leg up soon, as it is “repeating a textbook wave structure” it has printed multiple times since hitting the bear market bottom in mid-2022. “Wave 1: Kicked off the cycle. Wave 2: Is shaking weak hands. wave 3: Where parabolas form,” the trader explained on X, noting that ETH could be ending its corrective move and potentially see another rally in the coming weeks. “This pattern printed 3 times before. Each time, ETH went vertical. Now it’s flashing again,” he stated. Similarly, Michaël van de Poppe highlighted Ethereum’s trading pair against Bitcoin, affirming that investors should keep an eye on the chart. Notably, ETH is retesting a multi-month downtrend line resistance against BTC, and could “see a strong breakout upwards in the coming weeks.” “This cycle is far from over,” van de Poppe added. Related Reading: Bitcoin’s November Crash To Continue If This Level Isn’t Reclaimed, Analyst Warns Meanwhile, Rekt Capital noted that Ethereum Dominance continues to occupy an area that served as a consolidation zone before the 2021 rally. “As long as ETHDOM can maintain itself above 10.05% then it should be positioned for higher market dominance levels over time,” the analyst concluded. As of this writing, ETH trades at $3,023, a 2% increase in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
As the market awaits the Federal Open Market Committee (FOMC) meeting, Ethereum (ETH) is attempting to hold the $4,000 area as support. Despite the volatility, some analysts have predicted that the King of Altcoins may soon start its long-awaited price discovery rally, while whales pour millions into the cryptocurrency. Related Reading: Bitwise CIO Predicts Solana Staking ETF Will Be ‘Huge’ As First Day Volume Hits $56M Ethereum Price Set For $8,000 On Wednesday, Ethereum fell below the $4,000 level once again, falling to a two-day low of $3,926. After a massive Q3 rally, the King of Altcoin has struggled to hold the crucial psychological barrier as support and has been unable to reclaim the $4,200 resistance for most of October. Earlier this week, the cryptocurrency retested the key resistance level after surging 7% over the weekend, but retraced on Tuesday alongside the rest of the market. Amid this performance, some analysts suggested that ETH will likely experience more volatility, fueled by the Federal Reserve (Fed)’s interest rate cut announcement. Daan Crypto Trades noted that ETH’s big test is around its previous cycle highs near the $4,100 level. To the trader, “this is the level to break and hold if the bulls want to get back to the highs in due time.” On the contrary, a new rejection from this area could send the price to retest $3,800 and turn the level into a major resistance in the larger timeframes. Nonetheless, Crypto Yhodda stated that Ethereum is “getting ready for the last euphoric run,” as its performance resembles its 2021 price action, when the altcoin recorded a massive price discovery rally after breaking out of its four-year consolidation. Similarly, analyst Crypto Jelle asserted that shakeouts at key support levels are expected, adding that the cryptocurrency’s rally “still looks very promising.” Jelle highlighted an 18-month bullish megaphone formation on Ethereum’s chart, which it broke out of during the Q3 rally. The analyst emphasized that ETH is still holding the previous highs and the breakout level as support, suggesting that a “hated rally” to the $8,000 target could happen soon. Whales Bet Big On ETH Online reports highlighted that large-scale investors have been on a buying spree despite the altcoin’s pullback. As reported by NewsBTC, Santiment data showed that whales added 218,470 ETH in the past week, signaling that major investors are gradually re-entering the market. Meanwhile, on-chain analytics platform Lookonchain revealed that whales continued to buy ETH over the past 24 hours. Notably, two newly created addresses received a total of 33,948 ETH, worth $135 million, from digital asset prime brokerage FalconX on Wednesday morning. According to Lookonchain, the two addresses likely belong to BitMine, the largest Ethereum-based treasury company, which recently unveiled another 27,316 ETH purchase, worth $113 million. Related Reading: Solana, Litecoin, Hedera ETFs Ready? Experts Expect Tuesday Launch Despite Goverment Shutdown In a Monday X post, BitMine provided its latest holdings update, which now surpasses the $14.2 billion mark. As of October 27, the company holds 3,313,069 ETH, 192 BTC, an $88 million stake in Eightco Holdings for its “Moonshot” initiative, and unencumbered cash of $305 million. A month ago, BitMine revealed it had reached the 2% milestone of its goal to own 5% of Ethereum’s total supply. With the recent purchases, the company has achieved 55% of its goal, currently holding 2.75% of ETH’s supply. As of this writing, ETH is trading at $3,990, a 3.5% drop in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
As BitMine continues to bet on Ethereum (ETH), the King of Altcoins is eyeing a crucial resistance level that could set the stage for a new breakout, leading some analysts to suggest that a new all-time high (ATH) is around the corner. Related Reading: TRX Repeats Its 2021 Setup: Volume Cooldown Signals Smart Money Accumulation Ethereum Ready For New Highs? On Monday, Ethereum rallied to a multi-week high of $4,718 following the start of the “Uptober” market rally that has sent Bitcoin (BTC) and BNB to new highs. Notably, the King of Altcoins has bounced 23% from the recent September correction, which sent the cryptocurrency’s price to a local low of $3,815. Now, ETH nears the upper boundary of its macro range high for the first time in almost a month. The altcoin has been trading within the $3,600-$4,800 price range since the early Q3 breakout, which also served as a crucial area during the 2021 ATH rally. After retesting the range’s mid-zone last week, some analysts suggested that a weekly close above the $4,200 mark would enable its price to reclaim the $4,600 area and position itself for new highs. Meanwhile, other market watchers noted that breaking past the $4,500 resistance would set the base for a challenge of the macro range highs. Since then, the cryptocurrency has reclaimed those two crucial levels, closing the week around the $4,514 area and currently attempting to turn the $4,700 mark into support. Amid this performance, Titan of Crypto highlighted that ETH has broken out of a “textbook continuation pattern” on its weekly chart. He previously signaled that the cryptocurrency needed to break out of its bull flag formation for a potential 50% run. According to the analyst, after reclaiming the $4,500 mark, Ethereum now eyes a rally toward the $6,900 target. Meanwhile, Crypto Jelle forecasted that ETH’s main target remains around the $10,000 mark. Per the post, Ethereum “looks ready for continuation” after breaking out of its multi-year bullish megaphone pattern and retesting its upper boundary as support. BitMine’s ETH Treasury Hits $13 Billion Throughout Ethereum’s recent correction and price recovery, corporations have continued to bet on the King of Altcoins, pouring millions of dollars over the past week for their ETH-focused Digital Asset Treasury (DAT) strategies. BitMine, the largest Ethereum-based treasury company, announced that it had increased its holdings in the past week. In a Monday statement, the second-largest crypto treasury in the world revealed that its ETH holdings had surpassed the $13 billion mark. In late September, the company shared it had achieved the 2% milestone of its goal to own 5% of Ethereum’s total supply, with a total of 2.4 million ETH tokens. Now, BitMine holds $13.4 billion in assets, including 2,830,151 ETH, 192 BTC, $113 million stake in Eightco Holdings for its “Moonshot” initiative, and unencumbered cash of $456 million. The company is also the 28th most traded stock in the US, the announcement noted, with an average daily volume of $2.5 billion, according to 5-day average data from Fundstrat. Related Reading: XRP Could Mirror 2017 Style Surge: Here’s How High The Price Will Go If It Happens BitMine’s chairman, Thomas “Tom” Lee, shared that the company spent the past week at the TOKEN2049 conference, which took place in Singapore, where their team “sat down with Ethereum core developers and key ecosystem players.” Following the event, the company remains “confident that the two Supercycle investing narratives remain AI and crypto,” he affirmed, adding that “these two powerful macro cycles will play out over decades.” “Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime,” he concluded. As of this writing, ETH is trading at $4,710, a 13% increase in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
As the crypto market kicks off October with a remarkable recovery, Ethereum (ETH) is attempting to turn the $4,500 level into support after nearly two weeks. Some analysts forecast that a breakout from this crucial area could set the stage for a massive 50% rally in Q4. Related Reading: Solana (SOL) ‘Uptober’ Begins With $220 Retest – Is It Ready For Second ‘Expansion Wave’? Ethereum Retests Next Major Resistance Ethereum has bounced 17% from last week’s lows and is retesting the next crucial level to reclaim. The cryptocurrency started this week by recovering from the recent market correction, which sent its price to a multi-week low of $3,815. Since then, the King of Altcoins has reclaimed the mid-zone of its macro range and broken past a major sell wall located around the $4,200-$4,300 levels. Amid this performance, market watcher Ted Pillows highlighted that the next two major resistance levels to reclaim before a new all-time high (ATH) are $4,500 and $4,750. Similarly, Ali Martinez detailed that the $4,505 area is “one of the most important resistance levels to watch for Ethereum,” according to the UTXO Realized Price Distribution (URPD) metric. A rejection from this major level could lead to a retest of the $4,250 support, and potentially risk a new price drop if ETH breaks below it. Previously, some analysts cautioned that losing this area could open the gates for a fresh breakdown toward the macro range lows. On the contrary, reclaiming the $4,500 resistance would set the base for a challenge of the macro range highs, around the $4,800 level, in the coming weeks. Market watcher Lluciano pointed out that ETH appears to be forming a triangle formation since early August. He suggested that breaking out of this pattern could kick off a rally toward a new high above the $5,000 barrier, affirming, “Q4 is here, ETH new wave is imminent.” Meanwhile, Titan of Crypto highlighted a weekly bull flag pattern forming on ETH’s chart. According to the analyst, a breakout from the formation’s upper boundary, around the $4,500 area, could send the price into a 50% rally toward the $6,900 mark. ETH’s Weekly Close Could ‘Turn It All Around’ After closing September above the $4,100 area, analyst Rekt Capital affirmed that Ethereum is potentially developing a Monthly Bull Flag within this macro range. He explained that the cryptocurrency must reclaim the $4,200 in the higher timeframes to continue building on the formation’s base. Notably, closing the month below this level technically means ETH’s price is positioning for a bearish retest despite the current bounce, the analyst detailed, as it represents the mid-zone of the macro range. Nonetheless, Rekt Capital considers that “even though the Monthly Close wasn’t very appealing, price just needs to Weekly Close above the $4.2k mid-range to turn it all around.” He noted that the cryptocurrency displayed a similar performance in late 2021 and this past July, weekly closing above this level and post-breakout retesting it as support. This technical sequence enabled the price to reclaim the $4,600 area and position itself for new highs. Related Reading: BNB Eyes New Highs As Price Reclaims $1,000 – Is A 30% Rally Coming? “If ETH can soon Weekly Close above blue and retest it back into support, then there’s a good chance for a revisit to $4.6k being on the cards in the future,” he concluded. As of this writing, Ethereum is trading at $4,502, a 4.1% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Ethereum is at a decisive moment after a turbulent week of trading. Following a powerful surge on Friday that pushed the price into new highs, ETH quickly faced selling pressure, leading to a sharp drop by Monday. Now, the asset is trying to stabilize above the $4,400 level, a critical zone that bulls must defend to prevent further downside momentum. Related Reading: Bitcoin CEX Netflows Still Green Despite Large Sellers Rotating To Ethereum The recent volatility highlights how fragile sentiment can become at major turning points. While bulls remain optimistic that ETH can sustain momentum and push toward the long-awaited $5,000 mark, bears argue that the market structure suggests more downside could follow if support fails. Adding to this uncertainty, analyst Darkfost has issued a warning about rising risks in the derivatives market. According to his analysis, the Binance Estimated Leverage Ratio (ELR) on ETH has reached its highest levels ever recorded, signaling extreme risk conditions. The ELR measures how heavily leveraged positions have become relative to overall open interest. When leverage skyrockets, markets often experience heightened volatility. Traders taking on excessive risk can trigger forced liquidations, amplifying price swings in both directions. With ETH now sitting at a fragile support level, the combination of leverage buildup and recent price swings makes the coming days critical for Ethereum’s short-term trajectory. Ethereum Leverage Risks Grow on Binance According to Darkfost, the Estimated Leverage Ratio (ELR) is one of the most reliable indicators to measure whether a market is becoming dangerously over-leveraged. The ELR combines Open Interest data with overall market activity to highlight the extent to which traders are relying on borrowed funds to amplify their positions. Recent data shows that Open Interest on Binance just hit a new all-time high of $12.6 billion on August 22, reflecting record speculative activity. For context, back in July 2020, the ELR on Binance was just 0.09, a relatively safe level. Today, that figure has skyrocketed to 0.53, marking the highest reading ever recorded. Such a sharp increase suggests that traders are entering positions with unprecedented leverage. Darkfost explains that when leverage climbs to these extremes, the short-term market outlook becomes risky. Excessive optimism often leaves participants vulnerable to forced liquidations. Once liquidations cascade, they can magnify price swings far beyond what would happen in a spot-driven move. Despite heavy institutional and whale accumulation in Ethereum, Binance remains the largest hub for trading activity. With derivatives volumes outweighing spot activity, leveraged positioning now has the power to dictate short-term price moves. Given that this spike in leverage comes just as Ethereum has broken above its all-time high, the risk of a deleveraging event is high. Such an event could temporarily drive ETH lower, wiping out leveraged positions before the market regains balance. Yet, many analysts believe this would act as a reset, ultimately paving the way for Ethereum to retest and potentially surpass the $5,000 level, which remains the key target for bulls. Related Reading: Ethereum Whale Demand Surges On Binance As Price Nears $5,000 Holding Key Support Amid Selling Pressure Ethereum is currently showing signs of fragility after its strong rally last week. On this 4-hour chart, ETH trades around $4,426, holding near a crucial support zone defined by the 50-day moving average (blue line) at roughly $4,451. Price action shows a sharp rejection from highs above $4,800, followed by a steep retracement that now challenges short-term momentum. The $4,400 region has emerged as an immediate support level, where ETH is attempting to stabilize. A sustained hold above this area could allow bulls to regroup and attempt another push toward the $4,800–$5,000 resistance zone, which remains the next psychological target. Conversely, if the $4,400 level fails, ETH could slide toward the 100-day moving average (green line) around $4,350, with further downside risk toward the 200-day average (red line) near $4,090. Related Reading: Ethereum Faces High-Risk Setup: Leverage-Driven Rallies Signal Volatility The structure still favors bulls in the broader trend, but the recent correction highlights the market’s sensitivity to leverage and short-term volatility. For traders, the $4,400 level is key: holding above it keeps the bullish continuation alive, while a breakdown may trigger deeper profit-taking. Overall, ETH remains in an uptrend, but volatility at these levels demands caution. Featured image from Dall-E, chart from TradingView
Ethereum has officially entered a new phase after breaking its previous all-time highs and pushing into uncharted territory. The recent surge carried ETH to $4,886, yet the rally stopped short of the much-anticipated $5,000 milestone. While bulls continue to show resilience, the market now faces a pivotal moment. Analysts are divided: some expect Ethereum to continue its upward march into price discovery, while others warn that the market could be preparing for a deeper correction. Related Reading: Ethereum Open Interest Jumps 10% As $3.18B In New Positions Flood In This uncertainty comes amid rising speculative activity. According to CryptoQuant, a critical indicator known as the Leverage-Driven Pump has flashed six times this month alone. Each instance reflects a surge in price fueled by leverage in the derivatives market rather than purely organic spot demand. Historically, such signals have produced mixed outcomes: some rallies retraced quickly, others extended before exhaustion set in. With institutional accumulation supporting long-term growth and derivatives adding fuel to short-term volatility, Ethereum stands at a crossroads. Whether this phase becomes the foundation for a sustainable climb above $5,000 or a setup for profit-taking will depend heavily on how leverage unwinds in the coming sessions. The next few days could prove decisive for ETH’s trajectory. Ethereum Faces Risks Amid Strong Fundamentals According to top analyst Maartunn, Ethereum has now seen its Leverage-Driven Pump indicator flash six times this month alone. Out of these signals, four retraced either partially or fully, one continued pumping after stopping out shorts, and the latest one remains live right now. Based on this pattern, Maartunn suggests that Ethereum could soon retrace again, as excessive leverage in derivatives markets often creates unstable conditions that end in pullbacks. However, while technical signals point toward short-term risks, the fundamentals remain strongly bullish. Ethereum has not only broken past its 2021 all-time high of $4,860 but is also backed by robust institutional accumulation. Companies such as BitMine and SharpLink Gaming are acquiring ETH in large amounts, locking up billions in supply. This trend reduces available liquidity on exchanges, effectively amplifying scarcity during periods of heightened demand. Another key factor is the decline in ETH balances on centralized exchanges, showing that investors prefer to hold or stake their coins rather than trade them actively. This outflow aligns with long-term accumulation behavior, historically a precursor to major rallies. While leverage-driven volatility could bring short-lived retracements, Ethereum’s market structure is tilting toward continuation. If institutions keep accumulating and supply keeps leaving exchanges, ETH could sustain momentum and push well beyond its 2021 highs in the months ahead. Related Reading: Ethereum Chain Dominates With $516M Net Inflows In 7 Days Daily Chart Signals Critical Moment Ethereum’s daily chart shows ETH trading at $4,771, holding steady after a volatile rally that tested new all-time highs last week. The chart reflects a clear bullish structure, with ETH establishing higher highs and higher lows since mid-July. The 50-day moving average sits well below the current price at $3,763, while the 100-day and 200-day averages are at $3,146 and $2,616, respectively. This wide gap signals strong momentum, but it also highlights how extended the market has become in the short term. The recent surge, which saw ETH briefly dip below $4,200 before bouncing back aggressively, shows strong buyer demand at lower levels. The recovery candle indicates that bulls quickly absorbed selling pressure, pushing ETH into a tight consolidation just under the psychological $5,000 barrier. Breaking this level convincingly could open the door to rapid continuation into uncharted price territory. Related Reading: TRON Spot Market Signals Relief – Seller Dominance Weakens After Cycle High However, volatility remains elevated. Sharp moves often follow such strong expansions, and retracements toward support at $4,500 or even $4,200 cannot be ruled out. Traders will be watching for sustained closes above $4,800 as confirmation of bullish continuation, while a failure to defend key supports could trigger a deeper correction. Featured image from Dall-E, chart from TradingView
Ethereum is entering a decisive phase in its bull cycle, pushing into fresh highs after finally breaking above its 2021 all-time high of $4,860. The move comes as bulls regained full control of the market following a remarkable 14% surge on Friday, marking one of the strongest single-day performances of the year. Related Reading: TRON Spot Market Signals Relief – Seller Dominance Weakens After Cycle High The rally was ignited by remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium. In his speech, Powell hinted at a potential easing of US monetary policy, stating that restrictive conditions may no longer be appropriate as risks shift. The market reaction was immediate: within minutes, both equities and cryptocurrencies spiked sharply, with Ethereum leading the charge in the altcoin sector. At the same time, derivatives market data confirms the intensity of the move. Open Interest (OI) surged aggressively as traders piled into leveraged positions, reflecting renewed speculative appetite. The sudden influx of liquidity added fuel to Ethereum’s rally, pushing price momentum beyond its multi-year resistance level. With ETH now in uncharted territory, analysts see potential for continuation as long as OI expansion does not overheat into excessive leverage. The coming weeks will determine whether this breakout sustains or turns into another volatile correction. Ethereum Derivatives Signal Historic Momentum Ethereum’s breakout into new highs is being reinforced by extraordinary action in the derivatives market. According to top analyst Maartunn, at least $3.18 billion in new positions have entered Ethereum derivatives within just 24 hours, pushing Open Interest (OI) up nearly 10%. He described this as “insane stuff,” highlighting the scale and speed at which traders are positioning for the next move. This surge in OI indicates aggressive speculation, with investors betting on Ethereum’s momentum continuing after breaching its 2021 all-time high. While higher OI often fuels rallies by injecting liquidity, it can also create sharp volatility if leveraged positions unwind. Still, the magnitude of the inflows reflects growing conviction in ETH’s upside potential. At the same time, Ethereum’s Taker Buy Volume (hourly) has reached a multi-month high of $5.76 billion. This metric, which captures aggressive market buy orders, shows that demand is not just speculative but also immediate. Such strong taker-side activity often coincides with breakout phases, when bulls dominate both spot and derivatives markets. Related Reading: Bitcoin Bull Score Index Signals Fading Momentum: Room For Downside? Price Surges To Retest New Highs The 4-hour ETH chart shows Ethereum exploding higher, pushing above $4,800 after a sharp breakout from recent consolidation. This surge follows a bounce near the 100-period SMA (green line around $4,298), where bulls defended support aggressively before sending the price into a vertical move. Ethereum is now retesting its previous all-time high region around $4,860, with momentum signaling strong buying pressure. The 50-period SMA (blue line) is turning upward again, confirming a short-term bullish structure. Meanwhile, the 200-period SMA (red line around $3,994) remains comfortably below the price, showing the broader uptrend is intact. Related Reading: Bitcoin Retail Transfers Collapse: Lowest Since Bull Market Peak In 2021 This rally also broke through a series of lower highs formed during the recent pullback, suggesting that bearish control has faded. Volume spikes during the breakout add confidence to the strength of this move. If bulls sustain momentum, Ethereum could enter price discovery, targeting the $5,000 psychological level. However, if rejection occurs at $4,860, ETH may retest the $4,400–$4,500 support zone, where the moving averages converge. The chart highlights a critical phase: Ethereum either continues its breakout toward new highs or consolidates before another attempt. Bulls clearly hold the upper hand after this explosive breakout. Featured image from Dall-E, chart from TradingView
Ethereum (ETH) is leading the end-of-the-week market recovery after finally breaking above the $4,800 resistance. As the cryptocurrency is attempting to reclaim this crucial area, some analysts suggest that a new all-time high (ATH) is imminent. Related Reading: Another Celebrity Scam? Kanye West Memecoin Launch Leaves 60% Of Investors In The Red Ethereum Hits New Multi-Year High On Friday, Ethereum broke above the $4,800 resistance for the first time since 2021, hitting a multi-year high of $4,834. The cryptocurrency has rallied over 14% over the past 24 hours, driven by Federal Reserve Chairman Jerome Powell’s annual address at Jackson Hole. In his speech, Powell signaled the possibility of an interest rate cut, affirming that “with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” Following Powell’s remarks, the market soared, with Bitcoin (BTC) jumping from its local range low to the $117,000 area. Meanwhile, Ethereum initially climbed from the $4,200 support to reclaim the crucial $4,700 barrier. In a statement to CNBC, Jordi Alexander, CEO of crypto trading firm Selini Capital, suggested that crypto traders were caught completely offside by Powell’s dovish comments. “The market positioning in recent sessions has seen clear risk-off moves in assets like crypto and tech, and today’s setting up of a September rate cut is causing a panicked repositioning, which could continue through the illiquid weekend as shorts get squeezed,” he affirmed. Meanwhile, Joseph Chalom, Co-CEO of SharpLink Gaming, asserted that “the markets are loving Powell’s dovish speech. September rate cuts seem imminent. We’re at a pivotal moment in the market cycle.” ETH Ready For More? Notably, ETH has been consolidating between $3,762 support and $4,631 resistance since the early August breakout, retesting the $4,000-$4,100 mid-zone of this week’s pullback. On Friday afternoon, Ethereum continued its climb above the $4,800 resistance. This level was unsuccessfully tested last week, when the King of Altcoins hit a local high of $4,788 before being rejected. Analyst Crypto Jelle highlighted a one-week falling wedge pattern on ETH’s chart, which targeted a breakout to the $4,600-$4,800 area. Following today’s price jump, the analyst suggested that Ethereum is ready to target its all-time high of $4,878 after the breakout. Additionally, he noted that ETH already broke out of an 18-month bullish megaphone this month, which targets the $10,000 level. He explained that the cryptocurrency has successfully retested the key resistance level, around $4,000, during this week’s pullback and has “hardly any resistance left.” Related Reading: Chainlink Eyes Crucial Resistance After $25 Reclaim – Breakout Or Breakdown Next? Nonetheless, he warned that a pullback is likely to come following the massive pump but added that “the intent is clear. This market wants higher.” Similarly, Ted Pillows affirmed that volatility was expected after Powell’s speech, noting that it had happened in previous years. However, he suggested that a big ETH rally will follow, “just like the last time.” As of this writing, Ethereum is trading at $4,799, a 32.6% increase in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Data shows Ethereum sentiment on social media doesn’t lean too bullish right now, something that could pave the way for a continuation in the asset’s rally. Ethereum Positive/Negative Sentiment Still At Muted Levels In a new post on X, analytics firm Santiment has talked about the sentiment around Ethereum that’s present among social media users. The indicator shared by Santiment is the “Positive/Negative Sentiment,” which tells us how the positive and negative comments related to ETH compare against each other on the major social media platforms. Related Reading: XRP To $12? Analyst Reveals Bold Target From Multi-Year Pattern The metric separates between the two types of comments by putting users’ posts/threads/messages through a machine-learning model. Once they have been divided, it counts up the number of each and takes the ratio between them. Below is the chart shared by the analytics firm that shows the trend in the Ethereum Positive/Negative Sentiment over the last few months: As displayed in the graph, the Ethereum Positive/Negative Sentiment interestingly witnessed a plunge as the asset’s breakout earlier in the month took place. This would suggest that social media users weren’t convinced by the rally. The continuation in the run since then has meant that the sentiment has improved a bit, but it still remains much lower than the high from last month. Thus, it seems retail is in disbelief, despite the fact that the cryptocurrency is nearing its all-time high (ATH). If the past is anything to go by, this fact could actually be a positive signal for ETH. “Prices historically movein the opposite direction of retail traders’ expectations,” says Santiment. The analytics firm has highlighted in the chart some instances of this trend in action. It would appear that FOMO spikes led to price drops for the asset, while excessive FUD resulted in price rises. “With key stakeholders accumulating loose coins that small ETH traders are willing to part with right now, prices are showing very little sentiment resistance from breaking through and making history in the near future,” explains Santiment. Related Reading: Bitcoin Retraces Below $120,000: Is Coinbase Selling To Blame? In some other news, the Ethereum Futures Open Interest has shot up alongside the price surge, as analytics firm Glassnode has pointed out in an X post. The Futures Open Interest measures, as its name suggests, the total amount of futures-related positions that are currently open on all centralized derivatives exchanges. From the chart, it’s visible that the metric has climbed beyond the $35.5 billion mark, which is a new record. ETH Price Following a rally of over 7% in the last 24 hours, Ethereum has reached the $4,730 mark, now sitting within touching distance of the ATH. Featured image from Dall-E, Glassnode.com, Santiment.net, chart from TradnigView.com
Ethereum (ETH) has surged 7.5% in the daily timeframe to break above a key resistance level for the first time in weeks. Following its breakout, some analysts forecasted that a retest of the range highs could be around the corner. Related Reading: Bitcoin Holds Key Level Amid $108,000 Rejection, But Analysts Suggest Caution This Quarter Ethereum Reclaims Crucial Area On Wednesday, Ethereum jumped over 7% from its local low to the $2,550 mark, setting the stage to reclaim another crucial resistance. The King of Altcoins climbed from the $2,380 support to the $2,585 area, hitting a two-week high. The cryptocurrency has been trading between the $2,400-$2,800 price range since the early May breakout, but briefly lost this area after failing to hold the $2,550 support two weeks ago. After recovering its local range, ETH struggled to break past the $2,500 barrier, trading between the range low and this resistance for a week. Nonetheless, today’s market recovery, which also saw Bitcoin jump to the $109,600 mark, has sparked bullish sentiment among investors. Amid today’s performance, Daan Crypto Trades called ETH’s price action a “nice move out of the local range.” However, he suggested that bulls must hold the $2,520 area to confirm it isn’t another deviation or liquidity grab in a “bigger chop.” To the trader, failing to hold this area would send the cryptocurrency to the range lows again. As a result, the major levels to watch remain the $2,310 support and $2,735 resistance. Market watcher Merlijn The Trader noted that Ethereum has “respected support every single time,” forming “one of the cleanest breakouts we’ve ever seen.” He highlighted a three-month ascending triangle in ETH’s chart, pointing out that the King of Altcoins bounced from the rising support line during the recent price deviation and now targets the next key resistance around the $2,700 mark. Ethereum is charging up. Higher lows, strong base, bullish MACD crossover. A clean break of $2,700… and ETH will fly. $3,000 is just the beginning. The real move comes after that. ETH To Repeat ATH Set Up? Merlijn also affirmed that ETH’s two-year setup is repeating, which could signal that a massive breakout is coming. According to the chart, the Ethereum price has moved in stages that last about two years since 2018. During the first stage, the cryptocurrency’s price forms a base, which later leads to the second stage, where the price rejects and retests the base lows. Lastly, Ethereum experiences the liftoff phase, where the price breaks out to new highs. The last liftoff phase, between 2020 and 2022, saw ETH surge from the $100 mark to its $4,878 all-time high (ATH). To the trader, “This time we start from $1,500. Not a dip. A launchpad.” Similarly, analyst Kaleo pointed out the structural resemblance between ETH’s performance this cycle and last cycle. He noted that, while BTC hit a new ATH in December 2020, Ethereum was 60% down from its previous cycle highs, leading many investors to suggest it was “dead.” Related Reading: Solana Summer Loading? SOL Eyes $180 Following Staked ETF-Fueled Breakout Nonetheless, ETH climbed over 800% from there, outperforming Bitcoin’s 250% increase in the following months. This time, the cryptocurrency has also seen up to a 68% retrace from its previous ATH, while BTC soared to new highs. If history repeats, “The bottom for ETH is in. Up only from here,” the analyst concluded. As of this writing, Ethereum is trading at $2,568, a 6.1% increase in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Ethereum (ETH) is attempting to retest the local range highs following last week’s market shakeout. However, some analysts believe that the cryptocurrency will continue its sideways move for the coming weeks before its next big move. Related Reading: Will The Bitcoin Price Move Above $110,000 Again? Global M2 Money Supply Shows What’s Next Ethereum Eyes Range High Resistance Last week, Ethereum attempted to reclaim the $2,800 barrier, hitting a three-month high of $2,879. However, the market shakeout, fueled by the Iran-Israel conflict, sent the cryptocurrency’s price to retest its local range’s lows before recovering over the weekend. Notably, ETH has been hovering between the $2,400-$2,680 range since the early May market recovery, which saw the King of Altcoins surge from the $1,800 mark toward its current price range for the first time in three months. Nonetheless, it has been rejected from the local range’s resistance four times in the past month. Market watcher Daan Crypto Trades noted that Ethereum’s price action has been consolidating between these two key levels, compressing just below the $2,800 area. This level has been a crucial area throughout the cycle, serving as a key support and resistance level since 2024. The trader considers this area to be “the most important level on this entire chart by far,” detailing that every major retest of this zone has led to either “a nice bounce” or “big dump.” Meanwhile, ETH “went on to really even further” after every reclaim of this level as support. Daan explained that its current price range is “becoming quite a tight range for how long it’s been trading here. You can see how important this is and that there’s likely a big move coming from this point somewhere in the next few weeks.” Based on this, he forecasted that “If we’d see a convincing break above $2.8K and hold there, that would be a good setup for a move to the cycle highs around ~$4K.” However, if it loses this current range, then the $2,100 area “is the big high timeframe level to watch.” Is A 2017 Repeat In The Making? Merlijn The Trader highlighted that Ethereum is now consolidating within its current range after breaking out of a multi-month falling wedge, which suggests that the cryptocurrency could soon experience a massive move. He pointed out that, historically, “this pause often precedes a surge,” adding that the Relative Strength Index (RSI) is also retesting the recent breakout zone. Additionally, the trader noted that ETH appears to be following its 2016-2017 playbook, with a similar structure to eight years ago. At the time, the cryptocurrency had an “explosive setup” that led ETH to a massive lift-off starting in 2017. After the market shakeout, the cryptocurrency moved sideways within a tight range while reclaiming the 50-day Moving Average (MA). Related Reading: PEPE Pumps 2.67% – Is The Memecoin Preparing For A Major Rebound? Following the key reclaim, Ethereum’s price experienced a massive surge toward new highs. According to Merlijn, “Same breakout zone. Same 50 MA reclaim. Sideways chop… then liftoff. But this time? Bigger market. Institutional fuel is backing ETH. No ceiling in sight. We’re not repeating history… We’re amplifying it.” As of this writing, Ethereum is trading at $2,640, a 3.7% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
As Ethereum (ETH) continues to slowly turn crucial resistance levels into support, some analysts consider that the King of altcoins could be running out of time for a new all-time high (ATH) this cycle. Related Reading: Crypto Graveyard: 50% Of Tokens Have Failed In the Past 5 years – Report Ethereum Closes April In Red Over the past week, Ethereum has attempted to reclaim the $1,800 mark, hovering between the $1,770-$1,820 price range. In the past 24 hours, the cryptocurrency has seen a 5.5% jump, breaking above the key resistance and last week’s high of $1,850. Amid this price action, ETH retested the $1,860-$1,870 range for the first time in one month, and closed April just 1.56% below in opening price. Nonetheless, Ethereum’s negative monthly close marked the fifth consecutive month in the red for the cryptocurrency. The king of Altcoins has been recording monthly negative returns since December, its worst-performing streak since 2018, and closed the first quarter of 2025 with a 45.4% retracement. Analyst Carl Runefelt noted this performance, noting that “the good news is that historically, May is the most positive month of the year for ETH.” In general, it has been one of the best-performing months for Ethereum, registering an average 27.31% increase in May. Additionally, the second quarter has been a positive period for cryptocurrency, closing Q2 in the green seven out of nine times. Despite its negative April close, Ethereum registers a mild 2.15% positive return this quarter so far, which could suggest that the cryptocurrency could continue its current performance if history repeats. Another market watcher considers that ETH’s price is displaying a similar performance to Bitcoin’s (BTC) 2020 rally. At the time, “Bitcoin consolidated at $8K… Most ignored it. Then it hit $64K.” According to Merlijn The Trader, “Ethereum is showing the exact same structure. Accumulation. Compression. Explosion loading.” However, this would suggest another pullback could come before a new ATH. ETH To Skip ATH Rally This Cycle? Meanwhile, analyst Crypto Bullet offered a not-so-bullish macro perspective. According to his post, the Ethereum mid-term correction is over after taking out the August-October 2023 lows, printing a “giant reversal candle,” and holding the mid-line of the multi-year descending Channel. Based on this, he argues that ETH’s bottom is in, and a significant mid-term bounce will likely occur in the next few months, with a first target of $2,500. Crypto Bullet noted that the surge could be either a Dead Cat bounce or the start of a new ATH rally, adding that it could be the former due to the cryptocurrency’s weak performance and how advanced the cycle is. In that case, Ethereum could face a potential rejection at the $2,700-$3,000 range, but a bullish rally could start if it breaks through the $3,000 resistance and breaks out of the multi-year channel. Related Reading: Solana: Analysts Forecast Q3 ATH Rally As SOL Retests Make Or Break Level However, he also suggested that Ethereum could be “in a bigger cycle than we all think,” resembling cryptocurrencies in a “one cycle behind” performance. In a previous analysis, Crypto Bullet discussed the potential of ETH not hitting an ATH this cycle, noting XRP’s performance in 2021. “So what if ETH cycle top is in and it’s gonna print a giant Accumulation Structure (a Triangle or a Zigzag) and break out of it, say, in 2028?” he questioned, concluding that investors would accumulate more energy for a breakout, and the targets would be significantly higher. Featured Image from Unsplash.com, Chart from TradingView.com
Ethereum, the largest altcoin by market capitalization, is trading at surprisingly low levels compared to its peers, raising concerns among investors. As the broader crypto market shows signs of strength, Ethereum’s underperformance has sparked fears that this cycle may not deliver the returns many expected from the leading altcoin. Sentiment in the market is shifting, with some questioning whether Ethereum can reclaim its former dominance amid fierce competition from emerging projects. Related Reading: Dogecoin Trades Within Multi-Year Ascending Channel – Expert Sets $15 Price Target However, a closer look at key metrics offers a more optimistic perspective. According to the MVRV Pricing Bands chart, Ethereum is still far from its previous all-time high (ATH). This metric, which evaluates the market value relative to realized value, suggests that ETH has significant room to grow in the coming months. While the current price action may seem discouraging to some, historical data indicates that Ethereum often lags in the early stages of a bull market before catching up with explosive moves. For long-term investors, this could represent an opportunity rather than a setback, as Ethereum’s fundamentals remain strong and its ecosystem continues to expand. As the market anticipates the next phase of growth, all eyes are on Ethereum to see if it can reclaim its leadership role and deliver on its potential. Ethereum Preparing To Surprise The Market Ethereum has faced significant challenges over the past month, remaining in a downtrend since mid-December. The cryptocurrency has dropped as much as 29% in less than 30 days, testing the patience of investors as the broader market shows strength while ETH struggles to gain momentum. Trading below key supply levels, Ethereum’s performance has raised concerns about its ability to keep up with the overall crypto rally. Despite the bleak sentiment, some analysts see Ethereum’s current situation as an opportunity rather than a setback. Top analyst Carl Runefelt recently shared insights on X, pointing to the MVRV Pricing Bands chart as a key indicator of Ethereum’s potential. According to Runefelt, ETH is far from its all-time high (ATH), suggesting significant room for growth. He confidently stated that a $7,000 price target for Ethereum is only a matter of time, given its long-term fundamentals and historical market cycles. Runefelt also highlighted Ethereum’s readiness to change the bearish sentiment surrounding it. As the second-largest cryptocurrency by market cap, Ethereum’s extensive ecosystem and institutional adoption remain strong drivers for future growth. Related Reading: Solana Turns Key Level Into Support – Analyst Expects ‘Violent Moves Before Next Leg Up’ For investors with a long-term outlook, Ethereum’s current underperformance could represent a strategic entry point. With sentiment poised to shift and key metrics signaling room for growth, ETH has the potential to recover and reclaim its position as a market leader. ETH Price Testing Key Demand Ethereum (ETH) is currently trading at $3,302 following days of heightened volatility and sustained selling pressure. Despite the challenging market conditions, ETH has demonstrated resilience by holding above a key demand zone near the 200-day exponential moving average (EMA) at $3,127. This critical level has acted as a strong support, signaling that buyers remain active even amid market uncertainty. For Ethereum to reclaim bullish momentum, the price needs to break above the $3,520 resistance level with conviction. This move would not only reinforce confidence among investors but also pave the way for further upside. Holding above $3,520 is essential for confirming a shift in market sentiment and establishing a foundation for a sustained rally. Related Reading: Bitcoin Reclaims Crucial Liquidity Level – No Resistance Left Below ATH As ETH navigates these pivotal levels, traders are closely monitoring its ability to maintain support and generate upward momentum. A successful push above $3,520 could trigger increased buying activity, potentially setting the stage for Ethereum to resume its uptrend. However, failure to clear this resistance could lead to continued consolidation, delaying a potential recovery. For now, all eyes remain on Ethereum as it tests key technical levels in a bid to regain its position as a top-performing asset in the crypto market. Featured image from Dall-E, chart from TradingView.
After a lackluster 2024, Ethereum has started 2025 with a bang, surging over 13% since the year began. This impressive performance has reignited optimism among investors who are anticipating a bullish year for ETH and the broader altcoin market. Ethereum’s early strength has raised the critical question: Can it outperform Bitcoin in this post-halving year? […]
Ethereum, the second-largest cryptocurrency by market capitalization, had a lackluster 2024, underperforming against Bitcoin and many altcoins throughout the year. However, as 2025 begins, Ethereum is starting to show signs of recovery, gaining over 10% in less than a week. This early surge has rekindled hope among investors and analysts who see potential for a strong performance this year. Related Reading: Dogecoin Explodes Overnight – Price Action Suggests Fresh Highs Above $0.50 Top analyst Maartunn recently shared insightful data highlighting an ongoing trend of aggressive shorting in Ethereum markets. According to Maartunn, taker sellers have been dominating the market, outpacing taker buyers by over $350 million daily. This aggressive shorting could explain Ethereum’s poor performance in 2024, as constant selling pressure likely suppressed upward momentum. With the new year’s optimism, many believe this shorting trend may begin to shift, creating conditions for Ethereum to reclaim its position as a market leader. As the altcoin leader pushes past its challenges, the coming weeks will be critical to determine whether this early rally marks the beginning of a more sustained upward trend. Investors are closely watching Ethereum, anticipating that a reversal of these bearish trends could lead to a stellar 2025 for the network. Ethereum Rising Amid Aggressive Shorting Trends Ethereum is attempting to push above its 2024 high, but a decisive breakout remains elusive. Recent price action indicates the potential for a rally, with ETH posting early gains in 2025. However, the path forward isn’t clear-cut, as significant selling pressure continues to weigh on the altcoin leader. Top analyst Maartunn recently shared insightful data from CryptoQuant, shedding light on the current market dynamics. According to the data, Ethereum is experiencing aggressive shorting, with taker sellers dominating trading activity. Over $350 million more in sell-side pressure than buy-side activity is recorded daily, creating a challenging environment for ETH to break free from its current range. This trend, while suppressing prices in the short term, can’t last indefinitely. Market cycles often see such aggressive shorting as a precursor to a reversal, as sellers run out of momentum and buying pressure begins to build. Long-term investors are reportedly eyeing this phase as an opportunity, positioning themselves to capitalize on Ethereum’s relatively low prices. Related Reading: Solana Breaks Above Daily Downtrend – Analyst Expects New ATH Soon As Ethereum navigates these dynamics, the next few weeks will be crucial. A clean breakout above last year’s high could signal the start of a broader rally, attracting renewed interest and potentially reversing the ongoing shorting trend. For now, ETH remains at a pivotal juncture. Price Testing Crucial Levels Ethereum is trading at $3,650 after a robust start to 2025, gaining significant traction in the early days of the year. The price recently broke above the 4-hour 200 EMA with impressive strength, a technical indicator often viewed as a critical threshold for long-term trends. ETH is now testing the 200 MA on the same timeframe, a level that could confirm the bullish trend if reclaimed and held as support. A strong daily close above the 200 MA would solidify Ethereum’s upward momentum, potentially paving the way for a massive rally to challenge and surpass last year’s highs. Such a move would likely reinvigorate market sentiment and attract additional buying pressure, driving Ethereum to new levels in the near term. Related Reading: Chainlink Tunrns Resistance Into Support – ATH Next? However, the bullish outlook is not without its risks. If Ethereum fails to hold the 200 MA as support, the market could witness a renewed wave of selling pressure. This would likely push ETH back toward lower levels, eroding recent gains and prolonging its battle to regain upward momentum. Featured image from Dall-E, chart from TradingView
Ethereum spot exchange-traded funds (ETFs) have logged 16 consecutive days of positive daily inflows, renewing optimism for ETH’s potential new all-time high (ATH) in the coming weeks. However, for ETH to reach this milestone, it must surpass the critical resistance level of $4,000. Ethereum Spot ETFs Attracting Consistent Inflows According to data from SoSoValue, Ethereum spot ETF inflows have remained consistently positive since November 22. The cumulative net inflows total $2.32 billion, with a significant $1.5 billion added between November 22 and December 16 alone. Related Reading: Ethereum Finally Set For A New All-Time High? Here’s What Analysts Say Breaking it down by weekly inflows, the week ending December 13 saw net inflows of $854.85 million, closely followed by $836.69 million during the week ending December 6. Moreover, the total net assets held by Ethereum ETFs have climbed to $14.28 billion, which represents approximately 2.93% of ETH’s total circulating supply. Grayscale’s Ethereum Trust (ETHE) ranks as the largest holder with $5.87 billion in net assets, followed by Blackrock’s iShares Ethereum Trust (ETHA) with $4.02 billion. These strong inflows into Ethereum ETFs have bolstered bullish sentiment, with Ethereum bulls anticipating a possible rally to a new ATH for the second-largest cryptocurrency by market cap. Crypto analyst Momin Saqib took X to share his thoughts on ETH price action. The analyst noted that ETH looks poised to break through the local highs of the $4,000 range and is eyeing the $4,500 price level. He added: Ethereum inflows have been coming in non-stop for the last few weeks! After seeing $BTC at $107K…. I think institutions don’t have much options left to bet on higher upside of crypto industry! Higher! Looking at Ethereum’s weekly chart, the digital asset has made four significant attempts to break through the $4,000 resistance level. While it briefly surpassed this level during its second attempt, creating its current ATH of $4,878, it ultimately proved to be a false breakout, followed by a prolonged bear market over the next two years. Analyst Rekt Capital noted that ETH’s post-breakout retest of the $3,100 price level was successful, propelling the cryptocurrency back into the $4,000 zone. They highlighted that ETH has held above the $4,000 zone as support for the second consecutive week, a key development that could pave the way for further upward momentum. Despite The Potential Upside, ETH Traders Remain Cautious While strengthening fundamentals, bullish technical indicators, and persistent ETF inflows paint a positive picture for Ethereum, some analysts remain cautiously optimistic about ETH’s short-term price action. Related Reading: Ethereum Crosses $3,800: Is The ‘God Candle’ Nearing? Analysts Weigh In For instance, analyst CryptoBullet emphasized that ETH may see a quick wick to $3,700 before rebounding. The analyst added that ETH’s ability to hold above key resistance levels indicates its strong bullish momentum. Another factor potentially dampening short-term optimism is Justin Sun, founder of Tron (TRX), who recently unstaked $208 million worth of ETH from Lido Finance. This move has raised concerns about potential selling pressure. ETH trades at $3,947 at press time, down 0.2% in the past 24 hours. Featured image from Unsplash, Charts from SoSoValue, X and TradingView.com
As Bitcoin finally soars above the long-awaited $100,000 milestone, Ethereum (ETH) attempts to break out from a key resistance zone. The second-largest crypto rally has fueled optimism about its targets, with some suggesting that it could mimic BTC’s 2020-2021 rally. Related Reading: Bitcoin (BTC) Crashes 33% In South Korea Amid Increasing Political Turmoil Ethereum Reclaims $3,900 Ethereum, the second-largest cryptocurrency by market capitalization, has recorded a 10% surge in the past week, moving from the $3,500 mark to the $3,900 resistance. On Wednesday, the King of Altcoins surpassed the $3,800 level for the first time in six months and continued climbing to retest the $3,900 resistance, not seen since early March. In the early hours of Thursday, ETH turned this key zone into support, briefly dipping to $3,860 before jumping back to the recently reclaimed level. As the cryptocurrency nears its yearly high of $4,093, sentiment around the token’s short-term performance has turned extremely bullish. Ethereum is retesting a massive multi-year resistance zone, which could send ETH to a new ATH. According to analyst Alex Clay, the cryptocurrency attempts to break “through the Key Resistance Zone on the weekly timeframe.” ETH has rested the key zone five times since 2021, facing rejection from the upper resistance at $3,950 on four occasions before. However, Ethereum broke past this level in late 2021, when it hit its all-time high (ATH) and held above it for nearly three months. The analyst noted that if the King of Altcoins successfully breaks above this level and turns it into support, it will be the next “to break through” and smash its ATH. Clay added that he sees “no major pullback in the near time.” Similarly, crypto analyst Jelle stated that if Ethereum breaks above the March high, “all bets are off,” suggesting that the chances of ETH taking a long consolidation period before a new ATH like BTC did were “very low.” ETH To Rally Toward $10,000? Jelle also noted that Ethereum’s current setup mimicked Bitcoin’s in July 2020. Per the chart, Bitcoin broke through a multi-year downtrend line by mid-2020, followed by a massive 500% 10-month rally toward the $60,000 mark in April 2021. The analyst noted that ETH breached the multi-year trendline today, like BTC in 2020, which could trigger a similar rally toward new highs in the next few months. He added that investors are “in for a treat if this plays out anything similar.” In another post, he highlighted that Ethereum started rallying when Bitcoin broke its ATH and entered price discovery when BTC traded nearly 100% above its previous cycle high. Related Reading: Tron (TRX) Leads The Crypto Market With 100% Rally To New ATH, $0.5 Next? He considers that it would be surprising to “see things play out similarly this time around. BTC & ETH climbing in tandem, leading to ETH entering price discovery somewhere around ±$130,000.” Based on this, the analyst believes that a 150-200% rally toward the $10,000-$12,000 price range for the cryptocurrency is possible for this cycle. As of this writing, ETH is trading at $3,905, a 2.4% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Ethereum price continues to consolidate, but a fledgling technical pattern hints at an upcoming rally to $2,800.