Here’s When Ethereum Price May Hit $4000, Is New ATH at $5000 Incoming?

The post Here’s When Ethereum Price May Hit $4000, Is New ATH at $5000 Incoming? appeared first on Coinpedia Fintech News

The crypto markets appear to have triggered a healthy upswing, with the prices of the majority of the tokens soaring above their respective resistances. The Ethereum price has surged above $2800, even though the net flow of the volume dropped considerably. Now that the BTC price is attempting to set off a fresh upswing, market participants seem to be extremely bullish on the ETH price. 

The anticipation of a fresh upswing hovers over the ETH price as the possibility of a spot Ethereum ETF looms on the horizon, mirroring Bitcoin’s trajectory. Besides, the forecast from entities like Standard Chartered Bank projecting a substantial rise of over 70% also suggests a potential ascent to $4000 by summer’s onset. However, a closer examination reveals nuanced considerations amidst this fervour, drawing parallels to Bitcoin’s journey post-ETF approval. 

Regardless of this, Ethereum’s price continues to display acute strength, and with a slight rise in the BTC price, the levels may soar beyond $4000. Hence, popular analyst Michael van de Poppe believes the second-largest crypto has been strengthening, which may eventually elevate the levels beyond $4000. 

The analyst compares the Bitcoin and Ethereum runs of the past few days and says that the ETH price traded almost flat while the BTC price ran from $45,000 to $52,000. Hence, the momentum is expected to shift from Bitcoin to Ethereum once the prior calms down after a huge run. Therefore, the ETH price, which is heading toward levels between $3500 and $4000, appears to be strengthening its momentum.

Presently, Ethereum’s potential price target of $4000 is viewed sceptically, given historical patterns and market dynamics. However, the technicals suggest these levels may be achieved in a short while, as the trade has broken above the upper resistance of the rising parallel channel. With this, the path to $3000 has been unlocked, which may in turn validate a rise over the bearish influence and mark new ATH above $5000 before the end of 2024.