Over the past three years, Ethereum (ETH) has finally hit the significant price mark of $4,100. This level has been a vital point of resistance for investors, especially as ETH faced challenges in breaking through it during the strong bullish momentum observed in the initial months of this year.
Ready for a Rally if It Surpasses the $4,000-$4,100 Barrier?
The growing positive sentiment among cryptocurrency investors has analysts predicting that Ethereum might soon set new highs, potentially exceeding the previous record of $4,878 that it set in November 2021.
Crypto analyst Justin Bennett shared on social media platform X (the platform formerly known as Twitter) that Ethereum had encountered technical hurdles when attempting to surpass the $4,000 mark. He also pointed out that Bitcoin has recently been the center of market attention.
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Bennett highlighted that if ETH can successfully navigate the crucial $4,000 to $4,100 range in the short term, it might ignite a rally toward its all-time high, possibly climbing to the mid-$5,000s, thus completing the current bullish cycle for the altcoin. He further suggested that this might be the perfect time for ETH to aim for a fresh all-time high, as funds from Bitcoin (BTC) profits might soon trickle into the Ethereum market.
Could Ethereum Reach $15,937 by May 2025?
Adding to this wave of optimism, market expert VentureFounder offered even more bullish predictions. He foresees an extended period of bullish momentum for ETH over the next seven months, with a projection of reaching a new all-time high of $15,937 by May 2025.
VentureFounder connects his forecast to historical trends, noting that the months following Bitcoin’s Halving events often spark a surge toward new peaks. He mentioned that Ethereum typically experiences a robust performance in the year after such Halving events, the latest of which took place in April this year.
This year has already witnessed notable similarities to past patterns for both Bitcoin and Ethereum. Before Bitcoin’s Halving, the market saw a significant rally, partly driven by the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds (ETFs).
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At that time, Bitcoin’s price hit a fresh high, just over $70,000 in March, and since then, it has climbed by over 50%, reaching a new peak of $107,000, despite challenging price actions in the second and third quarters.
Ethereum has seen impressive growth as well, posting its strongest first quarter in over three years. The price surged from $2,260 in February to nearly double in just 30 days. Yet, it had remained below the $4,100 mark until recently, mirroring Bitcoin’s upward trajectory.
Overall, VentureFounder’s analysis, along with the price movements of Ethereum and Bitcoin this year, provides a compelling argument for believing that ETH might be set for considerable gains in the upcoming months if the experts’ predictions and previous patterns hold true.
Currently, ETH is attempting to stabilize around $4,014. This level will be crucial in determining whether further upward momentum ensues in the coming days or if more tests of price support are ahead.
Featured image from DALL-E, chart from TradingView.com
