17 December 2024
For the first time in over three years, Ethereum (ETH) has reached the significant price milestone of $4,100. This level has proven to be a key resistance point for investors, especially as the leading altcoin struggled to breach it during the bullish momentum experienced in the first quarter of this year.
Poised For Rally If It Breaks $4,000-$4,100 Resistance?
The renewed bullish sentiment among crypto investors has led analysts to forecast potential new all-time highs for Ethereum, surpassing its previous record of $4,878, set in November 2021.
For instance, crypto analyst Justin Bennett noted on social media platform X (formerly Twitter) that ETH had previously faced technical barriers in surpassing the $4,000 threshold and acknowledged that Bitcoin has been the focal point of market attention in December.
However, the analyst emphasized that if ETH’s price can successfully navigate the critical $4,000 to $4,100 range in the short term, it could pave the way for a rally back toward its all-time high zone, with the potential to reach mid-$5,000 levels, thereby completing the current bullish channel for the altcoin.
Bennet also suggested that now is the opportune moment for the ETH price to target a new all-time high as he believes that the altcoin could see “some of those Bitcoin (BTC) profits” flow into the Ethereum market soon.
Ethereum Price To Reach $15,937 By May 2025?
Adding to this bullish outlook, market expert VentureFounder shared even more optimistic predictions, anticipating an extended bullish momentum for ETH over the next seven months, and projecting it to reach a new all-time high of $15,937 by May 2025.
VentureFounder linked this forecast to historical patterns, noting that the first quarter following Bitcoin’s Halving events typically initiates a surge toward new record highs. He further indicated that Ethereum often enjoys a year of strong performance after such Halving events, the latest of which occurred in April of this year.
This year has already seen significant similarities with the past for both Bitcoin and Ethereum. Prior to Bitcoin’s Halving, the cryptocurrency experienced a substantial rally, fueled in part by the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).
At the time, the Bitcoin price reached a new all-time high just above $70,000 in March, and it has since risen by more than 50% to a new record of $107,000, despite challenging second and third quarter price action.
Ethereum also experienced significant growth, posting its strongest first quarter in more than three years, rising from $2,260 in February to nearly 100% in just 30 days. However, it remained below the $4,100 threshold until recently, consistent with Bitcoin’s increasing trajectory.
Overall, VentureFounder’s analysis, together with the price movements of both Ethereum and Bitcoin this year, gives a solid foundation for believing that ETH may be poised for significant rises in the coming months if the experts’ projections and prior patterns hold true.
At the time of writing, ETH is attempting to consolidate at around $4,014. This level will be crucial for determining whether further upward momentum will occur in the coming days or if additional tests of price support are on the horizon.
Featured image from DALL-E, chart from TradingView.com