Ethereum has been struggling to clear the $4,000 resistance. It suffered fresh declines of around 3% on Monday that pulled its price down to $3,850.
Despite this, experts suggest that a new peak could be just around the corner owing to a strong weekly close.
Ethereum ATH Soon?
Pseudonymous crypto trader Pentoshi’s analysis suggests that Ethereum is experiencing significant “structural shifts,” similar to Bitcoin’s recent developments. ETH has just recorded a higher high and achieved its highest weekly close of the year, signaling strong upward momentum.
According to Pentoshi, the absence of substantial resistance between the current price and its all-time high suggests that the leading altcoin may be drawn toward this level, much like a “magnet.” Beyond this critical milestone, he sees a clear path for further growth, with minimal barriers to sustained upside potential. This could be supported by the growing presence of large ETF flows, signaling increasing institutional interest in Ethereum.
Ethereum surpassed the $4,000 price level last week for the first time since March 2024, yet its all-time high of $4,878, recorded in November 2021, remains untouched. The subsequent corrections further sent the price lower. But, on-chain data reveals few resistance levels ahead, indicating Ethereum is positioned to challenge this previous all-time high.
Additionally, Bankless podcast host Ryan Adams also suggested in a recent X post that a new Ethereum all-time high “could happen” within the coming week.
However, not everyone foresees a new record for Ethereum this year. While crypto trading firm QCP Capital maintains a bullish outlook on Ethereum, it predicted that the price action will remain range-bound during the holiday season. Historically, it peaks in January post-halving, a sentiment mirrored in the options market with calls favored after that.
Ethereum’s “Jump or Die” Moment
Ethereum is currently retesting a critical three-year trendline, with the next price movement holding significant implications. If the cryptocurrency manages to bounce off this line, it could trigger a rapid and volatile rally, pushing prices to new highs.
However, if the price fails to hold and breaks below this level, one analyst predicts that Ethereum could revisit the $3,500 range. This moment is described as a “jump or die” scenario for the token.
