While Ethereum has picked up pace today, its price continues to display robust resilience by holding strong above the $2,700 level. ETH’s performance has been remarkable in recent weeks, surpassing crypto assets like Bitcoin. A crypto analyst foresees a potential extension of the current upward trend, leading to a new all-time high in the ongoing bull market cycle.
A $10,000 Ethereum Finally Becoming A Reality?
Despite its inability to reach a new all-time high this bull season, like other major assets, Ethereum remains one of the best-performing cryptocurrencies this cycle. Its recent price resilience has stoked optimism again about a possible run to a new peak before this cycle comes to an end.
As ETH hovers near key support levels, Venturefounder, a crypto analyst and investor, has underlined its journey to an unprecedented level by next year. His prediction is based on several crucial factors and momentum signals taking place on the monthly chart. However, at the heart of this outlook is the potential shift of the $4,000 mark into support.
After delving into the current price action, Venturefounder identified a massive rising channel unfolding since 2017, suggesting a multi-year upside move. ETH’s bullish action is further supported by a developing bullish crossover by the Moving Average Convergence Divergence (MACD) indicator.
As May draws closer to an end, the expert believes that if the altcoin closes the month above the $2,500 mark, it may be a pivotal development for price spikes. The monthly MACD’s bullish crossover completion before May closes will also act as a launchpad for more positive price movements.
Combining the monthly close above $2,500 and the completion of the MACD bullish crossover, Ethereum is expected to rally hard to the next target of $4,000 following the developments. According to Venturefounder’s analysis, the $4,000 mark appears to be the base point for the next anticipated upward trend in a bullish scenario.
Should the altcoin succeed in turning this key resistance level into support by Q4 of this year, the expert is confident about a substantial rally to a new all-time high of $10,000 by 2026. Meanwhile, Venturefounder claims that ETH’s price will oscillate between $1,400 and $4,000 in a bearish case.
ETH Final Pump On The Horizon
ETH’s path to a new all-time high this cycle seems probable. Crypto expert Merlijn The Trader has also forecasted a significant upward move to a new peak after examining ETH’s current price action and past trends in alignment with that of Bitcoin.
Merlijn The Trader outlined Ethereum’s aligning performance with Bitcoin, where these assets surge to a new high once the previous high is retested. In the previous cycle, ETH and BTC surged by +234% and +540% respectively after reclaiming their former peak.
Given that BTC has made the move once again, the expert believes ETH making a similar move is only a matter of time. When this happens, Melijn predicts a massive price spike beyond the $14,000 milestone by 2026.
Featured image from Getty Images, chart from Tradingview.com
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