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For the first time in more than three years, Ethereum (ETH) has reached an important price level of $4,100. This level has proven to be a major resistance point for investors, especially as the leading altcoin struggled to break through it during the bullish momentum witnessed in the first quarter of this year.
Are you ready to go higher if it breaks the resistance between $4,000 and $4,100?
Renewed bullish sentiment among cryptocurrency investors has led analysts to predict potential new all-time highs for Ethereum, surpassing its previous highs. register Valued at $4,878, slated for November 2021.
For example, cryptocurrency analyst Justin Bennett noted on social media platform
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However, the analyst Confirm That if ETH price can successfully navigate between the critical range of $4,000 to $4,100 in the short term, it could pave the way for another rise towards the all-time high area, with the possibility of reaching the mid-$5,000 levels, thus completing the current uptrend channel for the altcoin. .
Bennett also suggested that this is the right moment for ETH price to target a new all-time high as he believes the altcoin could see “some Bitcoin (BTC) profits” flow into the Ethereum market soon.
Will Ethereum price reach $15,937 by May 2025?
Adding to these bullish forecasts, market expert VentureFounder shared more Optimistic expectationsIt expects extended bullish momentum for ETH over the next seven months, and expects it to reach a new all-time high of $15,937 by May 2025.
VentureFounder linked these predictions to historical patterns, noting that the first quarter following Bitcoin halving events typically begins a rally toward new highs. He also noted that Ethereum often has a year of strong performance following such halving events, the most recent of which occurred in April of this year.
This year has already seen great similarities to the past for both Bitcoin and Ethereum. Before the Bitcoin halving, it was… Cryptocurrency Bitcoin has seen a significant rally, driven in part by the approval of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
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At the time, Bitcoin’s price reached a new all-time high above $70,000 in March, and has since risen more than 50% to a new record high of $107,000, despite challenges in the second and third quarters. Price action.
Ethereum has also seen significant growth, posting its strongest first quarter in over three years, rising from $2,260 in February to nearly 100% in just 30 days. However, it has remained below the $4,100 threshold until recently, consistent with Bitcoin’s rising trajectory.
Overall, VentureFounder’s analysis, combined with the price movements of both Ethereum and Bitcoin this year, provide a solid basis to believe that ETH could be poised for significant rises in the coming months if expert forecasts and past patterns hold true.
At the time of writing, ETH is trying to consolidate at around $4,014. This level will be crucial to determine whether more bullish momentum will occur in the coming days or whether there will be additional tests Price support She is on the horizon.
Featured image of DALL-E, chart from TradingView.com
