Is Ethereum Finally Set for a New All-Time High? Here’s what analysts say

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Ethereum (ETH) continues to hover around the critical $4,000 resistance level, a price point many believe could dictate the cryptocurrency’s next big move. However, a strong weekly close has fueled optimism among analysts, suggesting that ETH may soon be on track to reach a new all-time high (ATH).

Ethereum Heading To A New ATH? Experts have weight

While cryptocurrencies such as Bitcoin (BTC), Solana (SOL), and XRP have experienced explosive growth this year, ETH’s price momentum has slowed down relatively. According to CoinGecko, Ethereum has grown by 62% in the past year, which is lower than other trending digital assets.

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However, ETH’s performance against other cryptocurrencies has not stopped ETH bulls from aiming for new ATHs for the cryptocurrency. For example, veteran crypto analyst Pentoshi recently highlighted the importance of ETH’s “structural changes” and continued large flow Attracted by spot ETH exchange traded funds (ETFs).

Pentoshi noted that Ethereum not only recorded a high on the weekly chart, but also posted its highest weekly close of the year. The analyst added that, at its current price of just under $4,000, there isn’t much resistance for ATH, which “should act as a magnet” for further gains.

Another crypto analyst, @CryptoPoseidonn exposed that ETH is poised to break above its “4-year, 1,460-day range.” In a chart, the analyst marked different Fibonacci extension levels to identify potential price targets for ETH.

According to the chart, ETH could rise to $6,000 at the 1.272 extension level, $7,400 at the 1.618 extension level, and $11,400 at the 2.618 extension level. The analyst added, ETH “could be much higher than your worst dreams.

Shortly after, Satoshi Flipper, another famous analyst, emphasized That ETH tries to break an ascending channel in the 4-hour chart. He suggested that the current price, sitting on diagonal channel support, could present a “good entry” point, predicting that the next dominant move could take ETH to $4,400.

ETH bulls cautiously optimistic

Although expectations are high for a new ETH ATH, some experts believe there may still be some hurdles before the digital asset records a new ATH price. For example, ETH may cause to cross the level of $4,000 increased Risk of profit taking, potentially resulting in a short-term correction.