As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the current state of Ethereum. The recent 3% decline may have momentarily slowed its progress, but the strong weekly close and the absence of significant resistance between its current price and the all-time high are indicators of a potentially bullish future.
On Monday, Ethereum faced a setback as it dipped about 3%, falling from $4,000 resistance to $3,850.
Even though we’ve reached a current plateau, some professionals are predicting another high point might be imminent due to a robust close of the week.
Ethereum ATH Soon?
According to the anonymous cryptocurrency trader known as Pentoshi, Ethereum appears to be undergoing substantial changes akin to Bitcoin‘s recent transformations. Notably, Ethereum has recently reached a new peak and closed at its highest weekly level this year, indicating a robust surge in price.
Based on Pentoshi’s analysis, the lack of significant resistance between the current price and its record high indicates that the top altcoin might be pulled towards this price point, similar to how a magnet attracts metal. Once this key point is reached, he predicts a smooth path for further advancement with few obstacles hindering its potential for continued growth. This bullish outlook could be reinforced by the growing influx of large ETF investments, which suggests that more institutional investors are becoming interested in Ethereum.
Last week, Ethereum reached over $4,000 for the first time since March 2024 – a significant milestone. However, its peak price of $4,878, which was set in November 2021, has yet to be surpassed. After these highs, corrections caused the price to drop even further. Interestingly, on-chain data suggests that Ethereum may soon attempt to break its previous all-time high, as there are fewer resistance levels ahead.
Furthermore, in a recent post on X, Bankless podcast host Ryan Adams proposed the possibility of Ethereum reaching a new all-time high within the upcoming week.
As a researcher, I must admit that not everyone shares my optimism about Ethereum hitting a new record this year. Despite the bullish stance of crypto trading firm QCP Capital, they anticipate that the price movement will remain within a certain range during the holiday season. Interestingly, Ethereum’s historical trend shows it typically peaks in January following a halving event, a pattern echoed by the options market where calls for Ethereum are favored post-halving.
Ethereum’s “Jump or Die” Moment
At present, Ethereum is attempting to break through a crucial trendline that’s been in place for three years. The next price action following this test carries substantial importance. If Ethereum can rebound from this line, it might initiate a swift and erratic surge, potentially driving prices to unprecedented peaks.
If the price falls and drops below this point, one expert anticipates that Ethereum might return to the $3,500 region. This situation is referred to as a “make-or-break” moment for the token.
Read More
- “I’m a little irritated by him.” George Clooney criticized Quentin Tarantino after allegedly being insulted by him
- South Korea Delays Corporate Crypto Account Decision Amid Regulatory Overhaul
- What was the biggest anime of 2024? The popularity of some titles and lack of interest in others may surprise you
- Destiny 2: When Subclass Boredom Strikes – A Colorful Cry for Help
- Deep Rock Galactic: The Synergy of Drillers and Scouts – Can They Cover Each Other’s Backs?
- Sonic 3 Just Did An Extremely Rare Thing At The Box Office
- Final Fantasy 1: The MP Mystery Unraveled – Spell Slots Explained
- Influencer dies from cardiac arrest while getting tattoo on hospital operating table
- Smite’s New Gods: Balancing Act or Just a Rush Job?
- Twitch CEO explains why they sometimes get bans wrong
2024-12-09 16:02