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While Ethereum has gained momentum today, its value persists in showing remarkable strength by staying above the $2,700 threshold. ETH’s performance has been exceptional in recent weeks, outpacing crypto assets like Bitcoin. A crypto analyst anticipates a possible continuation of the current upward trajectory, potentially achieving a new all-time high during this bull market phase.
Is A $10,000 Ethereum Finally Within Reach?
Despite its failure to achieve a new all-time peak this bull season, similar to other significant assets, Ethereum continues to be one of the most accomplished cryptocurrencies this cycle. Its recent price stability has rekindled optimism regarding a potential rush to a new high before this cycle concludes.
As ETH hovers near important support zones, Venturefounder, a crypto analyst and investor, has emphasized its path to an unparalleled level by next year. His forecast relies on several crucial factors and momentum indicators observed on the monthly chart. However, central to this perspective is the potential transition of the $4,000 level into support.
After examining the current price behavior, Venturefounder identified a significant ascending channel that has developed since 2017, indicating a prolonged upward movement. ETH’s bullish trend is further validated by a developing bullish crossover indicated by the Moving Average Convergence Divergence (MACD) indicator.
As May approaches its conclusion, the expert believes that if the altcoin closes above the $2,500 level, it may signify a pivotal turning point for price fluctuations. The monthly MACD’s bullish crossover completion prior to May’s end will also serve as a springboard for further positive price movements.
Combining the monthly close above $2,500 and the completion of the MACD bullish crossover, Ethereum is anticipated to surge towards the next target of $4,000 following these developments. According to Venturefounder’s evaluation, the $4,000 level seems to be the foundational point for the next expected upward shift in a bullish context.
Should the altcoin successfully convert this vital resistance point into support by Q4 of this year, the expert is optimistic about a significant rally towards a new all-time high of $10,000 by 2026. Meanwhile, Venturefounder indicates that ETH’s price will fluctuate between $1,400 and $4,000 in a bearish scenario.
ETH Final Surge on the Horizon
ETH’s route to a new all-time high this cycle appears likely. Crypto expert Merlijn The Trader has also predicted a notable upward movement to a new peak after analyzing ETH’s current price activity and previous trends in correlation with that of Bitcoin.
Merlijn The Trader explained Ethereum’s coinciding performance with Bitcoin, where these assets ascend to a new peak once the prior high is revisited. In the previous cycle, ETH and BTC surged by +234% and +540% respectively after reclaiming their previous peak.
Given that BTC has made the move once again, the expert believes ETH replicating a similar trend is merely a matter of time. When this occurs, Melijn predicts a substantial price surge surpassing the $14,000 milestone by 2026.
Featured image from Getty Images, chart from Tradingview.com
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