The second-largest cryptocurrency, Ethereum (ETH), has closed the distance to its all-time high (ATH) and hit a critical milestone by touching $4,000, a two-year high.
In addition, Bitcoin (BTC) hit a record high of $70,100, indicating an incredible bull run in the cryptocurrency market. According to technical analysis, Ethereum will likely surpass significant resistance levels and reach its all-time high of $4,878.
Ethereum Daily Chart Shows A Straight Line To $4,400
Ethereum has made significant strides in its development, even though it hasn’t yet hit its prior all-time high of $4,000. With a 19% gap between the current price level and its ATH, there is room for more price growth, given the present bullish trend.
Rekt Capital, a technical analyst, emphasizes Ethereum’s robust price movement and points out profitable retests of the $3,500 support level. During this time, the cryptocurrency rose to $3,830, strengthening the belief that a breakthrough was imminent. According to Rekt Capital, Ethereum is moving closer to the red-red macro resistance zone, between $4,200 and $4,600. This would put Ethereum slightly below its previous all-time high.
Ethereum faces an immediate hurdle in consolidating above the $4,000 threshold, as elevated price volatility could impede more upward momentum. If this barrier is overcome, the following obstacles are $4,060 and $4,100.
According to analysis, the daily chart of ETH/USD shows a clear path towards the $4,400 region. Before possibly retesting its all-time high, the cryptocurrency would see more resistance after these levels at $4,528, $4,629, and $4,731.
The likelihood of a price correction means that the future course of Ethereum’s price is still unknown. A downturn of this kind would jeopardize the outstanding 154% gain recorded over the last year. Nonetheless, the token is still in a strong position for short-term price increases, given its long-term investment interest.
