Ethereum (ETH), much like many other cryptocurrencies in recent times, has shown notable growth. Following Bitcoin’s (BTC) trajectory, many have anticipated ETH to reach a new all-time high in the near future. But is this a plausible scenario?
Charting the Future Path of Ethereum
Similar to BTC, ETH saw an increase of over 8% in its price last week. As of the latest update, the leading altcoin was priced at $3,389.53, boasting a market capitalization exceeding $408 billion.
While this figure falls short of the token’s all-time high reached in November 2021, which stood close to $4,700,
the recent bullish trend in the market, coupled with anticipation of an upcoming altcoin season, has prompted several technical analysts to forecast a new peak for ETH. Among them is renowned crypto analyst AlejandroBTC.
Recently, these analysts took to Twitter to discuss the potential for ETH to hit a new all-time high by the end of the current year.
Looking ahead, forecasts suggest that ETH could reach $7,000 by January 2025 and $14,000 by March 2025.
Given the ambitious nature of these predictions, a thorough analysis by CryptoCrypto was conducted. A close examination of Ethereum’s daily chart revealed the significant resistance levels that the token would need to surpass for a new all-time high.
At present, ETH is facing a struggle to break through the $3,400 resistance level. Despite this, the MA Cross indicator indicates a bullish trend, with the 9-day MA well above the 21-day MA, hinting at a potential breakthrough above the resistance in the days to come.
If this materializes, ETH could set its sights on $3,900 before targeting the milestone of $4,000, paving the way for a retest of its previous all-time high.
Short-Term Expectations
Forecasts of a potential market top for ETH at $5,800 were indicated by the Pi Cycle Top indicator, a key metric that tracks market peaks and troughs.
This projection, significantly higher than the previous all-time high, suggests a forthcoming ascent towards that threshold.
Although there might be a marginal uptick in liquidation, achieving this target is realistic if market sentiment remains positive and investor confidence in ETH persists.
Nevertheless, a shift in market conditions leading to a price correction could see the altcoin’s value retreat to its support level at $3,030 once more.