Ethereum Price Hits $4K Mark: ATH Coming Soon Amid This Bull Run?

• Ethereum crypto’s market value has neared $500 Billion.
• The ETH price has advanced by 60% since November, matching March’s high.

Ethereum (ETH) crypto recently touched a psychological level of $4000. It is the only altcoin with an exchange-traded fund (ETF) and the second-largest cryptocurrency. The increase puts the Ethereum price roughly $959 below its November 2021 all-time high (ATH) of $4,666.

Based on the chart, the ETH price has triggered a breakout from a parallel channel in November. After the breakout, it displayed a massive rally and was nearing an all-time high (ATH).

Buyer dominance has decreased since mid-November. However, sellers have also been present, according to the chart’s behavior.

Ethereum Price Struggling in a Channel; Breakout on Its Way?

At press time, the Ethereum price was trading at $3,978. Furthermore, the token has risen by 1.98% over the past 24 hours. Its market capitalization was $479.43 Billion, and the 24-hour trading volume was $47.70 Billion.

ETH price has been struggling in a parallel channel since 2024 in a daily time frame. The chart structure indicated that the price has hit the $4K threshold for the third time this year. Profit booking was seen for the last two times. Let’s see what happens this time.

Here, sellers might be strong, but the trend is bullish, and buyers may also show their involvement. If the ETH price surpasses this level and sustains, bullish momentum can be anticipated. The price may record a new ATH if buyers remain strong.

Alternatively, if sellers dominate, it could repeat history and display a bearish trend. Selling may follow the trend once the price loses the 20-day EMA, and a profit booking can be observed. Here, profit booking could result in a selling pressure.

RSI stayed over the RSI-based moving average and headed toward the overbought zone. The MACD and the Signal line stayed positive, and histograms remained green. The technical indicators suggest a bullish forecast.

Analysts Predict ETH Price Could Reach ATH: Let’s See

According to Jelle, the Ethereum price has finally appeared in the current bull cycle. He is a well-known cryptocurrency trader and investor on X. Jelle highlighted Ethereum’s resistance and support levels using charts, which could push it over $5,000 next.

However, for now, $4.050 and $4,120 were Ethereum’s crucial resistance levels. $3,905 and $3.770 were essential support levels that might offer assistance against brief retracements.

Analysts say the altcoin may reach a new all-time high if institutional investors remain interested. Optimistic attitudes and the prospect of a favorable legal environment for cryptocurrencies could serve as tailwinds to drive the ETH price high.

ETH Price Analysis Based on Trend

Ethereum price’s recent surge to the $4,000 mark has sparked discussions about the potential for a new all-time high. It was driven by strong market dynamics and bullish sentiment among buyers.

While the price has shown resilience despite struggles within a parallel channel, the outcome remains uncertain. The upcoming trading activity will be crucial. We may witness a continued rally if buyers can sustain momentum above the $4,000 level.

Conversely, if sellers dominate, the market could experience profit booking and a retreat in price. Technical indicators currently suggest a bullish outlook. However, the market’s response in the coming days will ultimately determine Ethereum’s trajectory.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.