OPUSD Optimism

Ethereum (ETH) continues to hover around the critical $4,000 resistance level, a price point many believe could determine the cryptocurrency’s next major move. However, a strong weekly close has sparked optimism among analysts, suggesting that ETH could be on track to reach a new all-time high (ATH) soon. Ethereum Heading To New ATH? Experts Weigh In While cryptocurrencies like Bitcoin (BTC), Solana (SOL), and XRP have experienced explosive growth this year, ETH’s price momentum has been relatively subdued. According to CoinGecko, Ethereum has recorded gains of 62% over the past year, falling short compared to other trending digital assets. Related Reading: Analyst Confirms Ethereum Golden Cross As ETH Surges Past $4,000 – Is Altseason In Sight? However, ETH’s performance relative to other cryptocurrencies has not deterred ETH bulls from aiming for new ATHs for the cryptocurrency. For instance, seasoned crypto analyst Pentoshi recently took to X to explain the significance of ETH’s “structural changes” and the consistently large inflows attracted by spot ETH exchange-traded funds (ETFs).  Pentoshi noted that Ethereum has not only recorded a higher high on the weekly chart, but also had its highest weekly close of the year. The analyst added that, given its current price of slightly below $4,000, there is not much resistance to ATH, which “should act as a magnet” for further gains. Another crypto analyst, @CryptoPoseidonn highlighted that ETH is set to break out of its “4-year, 1,460-day range to the upside.” In a chart, the analyst marked out the different Fibonacci extension levels to identify potential price targets for ETH. According to the chart, ETH can 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. ETH can rise “much higher, far beyond your worst nightmares,” the analyst added. In a shorter time frame, Satoshi Flipper, another well-known analyst, emphasized that ETH attempts to break through an ascending channel in the 4-hour chart. He suggested that the current price, sitting on diagonal channel support, might present a “nice entry” point, predicting that the next impulsive move could take ETH to $4,400. ETH Bulls Cautiously Optimistic Although there is high anticipation for a new ETH ATH, some experts opine that there may still be a few hurdles before the digital asset records a new ATH price. For instance, ETH crossing the $4,000 level may lead to increased risks of profit-taking, potentially resulting in a short-term correction. Related Reading: Ethereum Risk-Reward Ratio Is Now Attractive, Brokerage Firm Explains However, Ethereum’s fundamentals remain robust, adding to its bullish outlook. For instance, ETH active addresses and large value transactions have shown an uptick, reflecting increased on-chain activity during the recent rally. Additionally, some analysts believe ETH could follow a trajectory similar to Bitcoin’s 2021 bull run, with the potential to reach $10,000. ETH trades at $3,847 at press time, down 3.9% in the past 24 hours. Featured image from Unsplash, charts from X and Tradingview.com