Ethereum [ETH], much like various other cryptocurrencies recently, has shown significant growth. Following Bitcoin’s [BTC] trajectory, many are anticipating ETH to reach an all-time high soon. But is this a realistic forecast?
Charting the Course Ahead for Ethereum
Similar to BTC, ETH saw an increase of more than 8% in its price last week. Currently, the top altcoin is trading at $3,389.53, showcasing a market capitalization exceeding $408 billion.
Despite this, it falls short of its previous all-time high achieved in November 2021 which stood close to $4.7k.
Nevertheless, a recent positive trend in the market, coupled with expectations of an impending altcoin season, has led several technical analysts to predict a new all-time high for Ethereum. Among them is well-known crypto analyst AlejandroBTC.
In a recent tweet, analysts hinted at the likelihood of ETH hitting a new all-time high before the end of the year.
Looking ahead, forecasts suggest that ETH could potentially reach $7k by January 2025 and $14k by March 2025.
To validate these ambitious figures, CryptoCrypto delved into a detailed analysis. By examining Ethereum’s daily chart, we pinpointed the key resistance levels that ETH must surpass to reach a new all-time high. Currently, ETH is facing hurdles to break the $3.4k resistance.
Despite this, the Moving Average Cross indicator indicates a bullish momentum as the 9-day MA remains above the 21-day MA, implying a possible breach of resistance in the near future.
If ETH manages to surpass this level, the next target would be $3.9k before aiming for the March peak of $4k. Breaking through this threshold could pave the way for Ethereum to revisit its all-time high.
Short-Term Expectations
Anticipating such a scenario is not far-fetched. The Pi Cycle Top indicator, a critical tool for identifying market highs and lows, suggests a potential market peak for ETH at $5.8k, hinting at an upward movement towards that level soon.
While a slight increase in liquidation may occur, maintaining positive market sentiment and investor confidence in ETH could make this target a reality.
However, in the event of a market shift and ETH experiences a corrective price movement, the altcoin might retreat to its support level at $3.03k once again.